Availability heuristic Study guides, Class notes & Summaries

MGT 300 ASU Neck Exam 2 with Certified Solutions Anchoring and adjustment heuristic a process whereby people base their decisions on the first piece of information they are given without taking other possibilities into account Availability heuristic a rule of thumb for making judgements on examples and events that immediately spring to mind Bounded rationality the idea that we are restricted by a variety of constraints when making decisions Common-information bias the inclinati...

Psychology 120 Exam 3 Cognition - correct answer All of the mental activities associated with thinking, knowing, remembering, and communicating Concepts - correct answer Help simplify thinking through mental grouping or similar objects, events, ideas, or people Algorithm - correct answer Methodical, logical rule or procedure that guarantees a solution to a problem Heuristic - correct answer Simpler strategy that is faster than an algorithm, but is prone to more errors Insight - ...

DTI - Shows movement of water in the brain. A connectional scan. fMRI - Scans blood flow in the brain. Shows which parts of the brain are active during a task. High spatial resolution and poor temporal resolution. PET - A type of tracer scan. Shows how organs are functioning. Connectional with a high spatial resolution and low temporal resolution EEG - Detects electrical activity in the brain. High temporal acuity and low spatial. Also correlational. MEG - Uses sensors to detect magnetic ...

WPC 300 QUIZZES TOGETHER LATEST UPDATE GRADED A+ QUIZ ONE Gamblers' fallacy is ______________ Framing effect bias A Zero risk bias A clustering illusion An endowment effect bias A clustering illusion When you keep eating the food you don't like precisely because you already bought the food, you are committing _______________ Endowment effect bias Sunk-cost fallacy Zero risk bias Availability heuristics bias Sunk-cost fallacy ________ refers to a bias that causes an i...

Thinking Definition - Answer any mental activity or processing of information, including learning, remembering, perceiving, communicating, believing, and deciding What is cognitive economy? - Answer The use of heuristics to reduce mental effort while still getting things right most of the time What are heuristics? - Answer Mental shortcuts, drawn from inferences, to increase thinking efficiency Can fast and frugal thinking be better than exhaustive analysis? - Answer Yes What...

According to the notion of general intelligence, if Cici is very good at math, how would you expect her to do in other subjects, such as writing? ---CORRECT ANSWER--- She will perform relatively as well in writing as she does in math. Bliss is hooked on a horror television series about serial killers. Based on the number of programs that she has watched, she decides that she is likely to be victimized by a serial killer and purchases an expensive home security system. Bliss is demonstra...

TEST BANK FOR JUDGMENT IN MANAGERIAL DECISION MAKING 10th EDITION WITH BEST ORGANIZED QUESTIONS AND ANSWERS Chapter 1 Introduction to Managerial Decision Making Multiple choice - An optimal search for alternatives should last: a. As long as needed to find the best solution. b. As long as needed to find the first good enough solution. c. As long as the cost of the search does not outweigh the value of the added information. ...

Openstax Psychology Chapter 7 Key Terms and Definitions Algorithm problem-solving strategy characterized by a specific set of instructions Analytical intelligence aligned with academic problem solving and computations Anchoring bias faulty heuristic in which you fixate on a single aspect of a problem to find a solution Artificial concept concept that is defined by a very specific set of characteristics Availability heuristic faulty heuristic in which you make a decision based on information re...

Finance API 141: Behavioral Finance: Implications for Financial Management Multiple Choice Questions 1. Amy isthe chief financial officer of a retail toy store. Recently,she decided that the firm should expand its operations and open two additional stores. Within a very brief period, it was obvious that Amy had made a very bad decision in opening those stores, given that the economy is in the middle of a severe recession. In reflecting back on her decision, Amy realizes that she made a b...

Which level of processing results in longer-lasting memory codes CORRECT ANSWER Semantic (what is the meaning of a word or material) A momentary sensory memory of visual stimuli is called CORRECT ANSWER Iconic our tendency to judge the likelihood of an event on the basis of how readily we can remember CORRECT ANSWER Availability heuristic research findings suggest that iconic memory lasts for approximately CORRECT ANSWER 1/2 second by encouraging people to imagine their home being de...