April25[1] - comes to loss people are more likely to take a...

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Psych 310 4/25 Decision Making (Slide) Framing Effects o The wording of a problem has huge influence one the decisions people make (on the slide) all four programs are saying the exact same thing In the long run all are the same, but if applied one time then taking program A there are no risks. If you pick program B there is a chance you win big time, but there is a greater chance that you will lose even bigger. o 72% picked A; 28% picked B o Programs A & B are both phrased in terms of lives being saved. When it comes to gains people are more likely to take the for sure thing. Risk Averse o Programs C & D are both phrased in terms of lives being lost. When it
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Unformatted text preview: comes to loss people are more likely to take a gamble even if the chances become increasingly smaller Risk Taking o 22% picked C; 78% picked D Errors in Problem Solving Fixation is the inability to see a problem from a new perspective Confirmation Bias is the tendency to search for information that confirms ones preconceptions o The Wason 2-4-6 problem Peter Wason was a huge influence in the study of o Business Executives When asked if they were good at hiring people they would only recall the times they had successful hires instead of recounting the bad ones. Functional Fixedness is the tendency to think of things only in terms of their usual functions Psych 310 4/25...
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This note was uploaded on 04/28/2008 for the course PSYCHOLOGY 310 taught by Professor Mahadevan during the Spring '08 term at University of Tennessee.

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April25[1] - comes to loss people are more likely to take a...

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