PSY 4508 Notes 1/14/13 Modern Decision Theory Expected Value Theory: an objective assessment of value Expected Utility Theory: a subjective assessment of value A final extension that we don't dwell too much on: Subjective Expected Utility Theory- a subjec
PSY 4508 Judgment & Decision Making Notes 01/09/12 -A judgment is an opinion, estimate, notion, or conclusion, about what is or will be. -A decision is the selection of an option from a set of options, with the aim of achieving a satisfying outcome. -An u
JDM 1/28/13 Ch.3 Lens Model (Cont. from last Friday) Improper lens models are useful because they are `human efficient' o Optimal models are far too difficult to apply due to the massive volume of information that needs to be taken into account IE. Counti
Sunk Costs Cont.
Attending to sunk costs is irrational because the event already occurred. In an 1985 study people stood in line to get a $15 season tickets to see plays. But some ticket collectors passed out $13 and $8 tickets to some people inste