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 is the framing effect?

  • 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).
  • When the objective value exceeds that of the expected utility
  • 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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Other questions in this quiz

2. What is a problem with heuristics?

  • They mean that humans do not use deductive reasoning as much as possible
  • Can be changed by mental imagery
  • Although helpful, they are error prone and susceptible to biases
  • The make humans into cold logic machines

3. What is meant by expected value?

  • The probability of the outcome x associated reward (e.g 100% chance of getting 50 - 1/1 x 50 = £50)
  • The psychological as opposed to economic value assigned to an outcome (e.g happiness with getting 50,000 or 100,000)

4. What is probability weighting?

  • The tendency for people to strongly prefer avoiding loss than acquiring gains
  • The tendency for compulsive gambling to start after a traumatic loss type event
  • The tendency for people to underestimate the chances of high probability events (a coin toss) and overestimate low probability events (the lottery)
  • The tendency for people to strongly acquiring gains than avoiding loss

5. What is meant by an unconditioned reinforcer?

  • Food
  • A stimulus that is reinforcing or rewarding even without previous training
  • A stimuli that acquires its power via history of association with primary and or other secondary reinforcers
  • Water

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