TB4 Lecture 4; Decision making and the brain

The main objectives in this lecture are;

  • Expected value v.s expected utility
  • Reward and the brain
  • Temporal discounting
  • Social decision making
  • Heuristics in decision making
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  • Created by: mint75
  • Created on: 25-05-15 17:59

1. What are the two distinct neural processes in McClure et als (2004) dual-system model

  • 1) Fast, automatic and context dependent; an emotion based decision 2) slower, controlled and evidence based; a deliberation decision
  • 1) Slower, automatic and context dependent; an emotion based decision 2) Faster, controlled and evidence based; a deliberation decision
  • 1) Fast, automatic and context dependent; a deliberation based decision 2) slower, controlled and evidence based; an emotion based decision
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Other questions in this quiz

2. What did Sanfey (2003) find in their ultimatum game study?

  • Unfairness decreased striatal activation
  • Unfairness generated activation in the anterior insula
  • Unfairness increased striatal activation
  • Unfairness decreased activation in the anterior insula

3. What is the decoy effect?

  • Presentation of another option that is inferior in all respects has shown to influence preference
  • Preference for current state of affairs

4. What two concepts were added to expected utility by prospect theory?

  • Over/underestimation (of high and low probability events) and loss aversion
  • Reference dependence (making decisions in terms of anticipated gains/loss compared to current state), probability weighting (probability is perceived highly subjectively, underestimating the chance of high prob. events)
  • Reference dependence (probability is perceived highly subjectively, underestimating the chance of high prob. events), probability weighting (making decisions in terms of anticipated gains/loss compared to current state)
  • Loss aversion and diminishing marginal effect

5. What is the framing effect?

  • When the objective value exceeds that of the expected utility
  • When the expected utility exceeds the objective value
  • People tend to avoid risk when a positive frame is presented, but sees risk more when a negative frame is presented (even when options are the same! For example saving people, or killing people in vaccine example).
  • People tend to avoid risk when a negative frame is presented, but sees risk more when a positive frame is presented (even when options are the same! For example saving people, or killing people in vaccine example).

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