{"id":4233,"date":"2018-09-18T17:54:10","date_gmt":"2018-09-18T21:54:10","guid":{"rendered":"https:\/\/www.amyork.ca\/academic\/zz\/?p=4233"},"modified":"2018-09-18T18:12:04","modified_gmt":"2018-09-18T22:12:04","slug":"decision-making-and-reasoning-learning-objectives","status":"publish","type":"post","link":"https:\/\/www.amyork.ca\/academic\/zz\/learning-objectives\/decision-making-and-reasoning-learning-objectives\/","title":{"rendered":"Decision Making and Reasoning Learning Objectives"},"content":{"rendered":"<p>Explain the differences between normative and descriptive theories of decisionmaking<\/p>\n<h2>Normative (Prescriptive) Theories of Decision Making<\/h2>\n<ul>\n<li>How to make the best decision<\/li>\n<li>Hard and often impossible to use normative theories<\/li>\n<\/ul>\n<h2>Descriptive Theories of Decision Making<\/h2>\n<ul>\n<li>How do we actually make decisions?<\/li>\n<li>How do we learn to make the best decisions?<\/li>\n<li>How do we know we are making the best decision?<\/li>\n<\/ul>\n<p>Explain, with examples, the role of heuristics (such as: Representative Heuristic;<\/p>\n<p>Availability Heuristic; Gambler&#8217;s Fallacy; Planning Fallacy; Anchoring; Clustering Illusion) in common errors of judgment and decision-making<\/p>\n<ul>\n<li>Heuristics help make it easier to get the normative answer<\/li>\n<li>Representative heuristic \u2013 assign high probability of events that are typical of a class<\/li>\n<li>Availability heuristic \u2013 what we can recall easily we think happens more<\/li>\n<li>Gambler\u2019s fallacy \u2013 if I spin red on the wheel 5 times in a row, what is the chance the next one will be green?<\/li>\n<li>Planning fallacy \u2013 things take longer than expected, and people are poor at estimating this across a wide range of problems<\/li>\n<li>Clustering illusion \u2013 people believe in false correlations too much (correlation vs. causation)<\/li>\n<li>Anchoring \u2013 we can be biased by completely irrelevant information<\/li>\n<\/ul>\n<p>Describe, with examples, some reasons we may fail to use base-rate information in making decisions<\/p>\n<ul>\n<li>Often don\u2019t know the real base rate probabilities<\/li>\n<li>Base rate reasoning depends on our own experience<\/li>\n<li>Even if people are logical, it is not necessarily the case that probabilities\/frequencies are the only things we use<\/li>\n<li>Rational choices based on expected utility \u2013 maximize chanced of gain (probability of a given outcome)*(utility of outcome)<\/li>\n<li>Prospect Theory (Tversky &amp; Kahneman)<\/li>\n<li>People identify a reference point generally representing their current state<\/li>\n<li>People are much more sensitive to potential losses than to potential gains \u2013 loss aversion<\/li>\n<\/ul>\n<p>\uf0b7 Social functionalist approach (Tetlock, 2002)<\/p>\n<ul>\n<li>Decision making constrained by social and cultural context<\/li>\n<li>We want to be able to justify our decisions to other people<\/li>\n<\/ul>\n<p>Explain with examples the sunk cost effect and its implications for decision making in everyday life<\/p>\n<ul>\n<li>If people lose money, they have a greater tendency to continue to lose money to try and retrieve that money<\/li>\n<li>g. How some gamblers become in-debt<\/li>\n<\/ul>\n<p>Explain the concept of &#8220;Framing&#8221; and how it can affect decision-making<\/p>\n<ul>\n<li>Decisions are influenced by irrelevant aspects of the situation<\/li>\n<li>Framing is a common media bias<\/li>\n<li>g. anti-vaccination supporters (due to risk of autism) even though it has been discredited and even if this is the case the chances are a lot higher of contracting the diseases<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Explain the differences between normative and descriptive theories of decisionmaking Normative (Prescriptive) Theories of Decision Making How to make the best decision Hard and often impossible to use normative&hellip; <a class=\"continue\" href=\"https:\/\/www.amyork.ca\/academic\/zz\/learning-objectives\/decision-making-and-reasoning-learning-objectives\/\">Continue Reading<span> Decision Making and Reasoning Learning Objectives<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[106],"tags":[],"_links":{"self":[{"href":"https:\/\/www.amyork.ca\/academic\/zz\/wp-json\/wp\/v2\/posts\/4233"}],"collection":[{"href":"https:\/\/www.amyork.ca\/academic\/zz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amyork.ca\/academic\/zz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amyork.ca\/academic\/zz\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amyork.ca\/academic\/zz\/wp-json\/wp\/v2\/comments?post=4233"}],"version-history":[{"count":0,"href":"https:\/\/www.amyork.ca\/academic\/zz\/wp-json\/wp\/v2\/posts\/4233\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.amyork.ca\/academic\/zz\/wp-json\/wp\/v2\/media?parent=4233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amyork.ca\/academic\/zz\/wp-json\/wp\/v2\/categories?post=4233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amyork.ca\/academic\/zz\/wp-json\/wp\/v2\/tags?post=4233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}