Cue
Information that people use as a signal to lead them to a decision
Decision Tree
- Hierarchical model for decision making
- Strategy to help people make decisions
- Identifies relevant conditions that lead to consequences
- Identifies consequences or outcomes based on listed conditions
Normative Models
- Established system
- Used to reach the optimal decision
Computational Capacity
The maximum amount of computational power that is available to process information
Prescriptive Models
- How people should make decisions
- Decision is optimal given the constraints of time and cognitive resources
Descriptive Models
An account of how people actually make decisions
Heuristic
A rule that people use to make decisions. These rules are systematic, quick to use, and easy to use.
Bias
Statistical definition:
- A systematic distortion of a statistical result
- Statistical preference of one choice over another
Representativeness Heuristic
An event A is judged more probable than an event B whenever A appears more representative than B.
Fast and Frugal Heuristics
- Fast: reach a decision quickly
- Frugal: does not use a lot of computational power
- Heuristics: Rules to be systematically used to make decisions
Fast and Frugal Approach
Assumptions:
- Heuristics evolved as a result of interactions with the environment
- Heuristics are adaptive
- Heuristics strike a balance between minimizing computational power and speed, and maximizing accuracy
Recognition Heuristic
If one of two objects is recognized and the other is not, then infer that the recognized object has the higher value with respect to the criterion
Dual-Process Theory
For higher level cognitive tasks:
- There are two types of processes
- There are two corresponding two systems
The goal: Identify the characteristics of each type of process
Type I Process
- No working memory
- Autonomous
Type II Process
- Working memory
- Not autonomous
- Construction of mental models
- Cognitive decoupling
