6946785
Description
Flashcards by Sneha Mittal, updated more than 1 year ago
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Created by Sneha Mittal
over 7 years ago
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| Question | Answer |
| prospection | uniquely human form of intelligence that enables us to think about far future events; what is the optimal way to make decisions about the far future? |
| expected utility | at any one point, try to maximize returns from interactions with the environment |
| expected value | odds of gain x value of gain |
| ventromedial PFC | "common currency in brain"; tracks amount people value things |
| PFC | prefrontal cortex; distinguishes humans; not as optimized as it could be |
| errors of odds | bad judgment in odds |
| risk vs. uncertainty | unknown event with measurable probability (winning a coin toss) vs. unknown event with no measurable probability (winning a war) |
| error of odds: sample size neglect | people don't realize that the larger the sample size, the closer to expectations/true probability |
| law of large numbers | when sample size is large, average property of sample closely resembles average property of the population from which it was drawn |
| gambler's fallacy | belief that likelihood of chance event is influenced by nature of the events that preceded it |
| conjunction fallacy | we forget that p(x) greater than or equal to p(x+y) |
| representativeness heuristic | estimate likelihood of an event by comparing it to an existing prototype in our minds |
| availability bias | overestimate likelihood of events based off information that is more readily available to them |
| planning fallacy | people in general are bad at predicting how long things take |
| errors of valuation | mistakes in determining how much an outcome is worth |
| presentism | we make decisions based off how we currently feel |
| prospect theory | describes the way people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known; steeper for losses than for gains |
| endowment effect | tendency to overvalue current possessions; losses loom larger than gains |
| temporal discounting | tendency of people to discount rewards as they approach a temporal horizon in the future or the past |
| delay of gratification | correlates with... planning and thinking ahead resistance to temptation ability to cope with frustration social competence verbal fluency/expression SAT scores |
| affective forecasting | prediction of one's affect (emotional state) in the future |
| impact bias | overestimating intensity and duration of emotional reactions to events |
| Hedonic set point | people return to stable state of happiness despite changes |
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