Summary: Hoorcollege 3

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• 3 Hoorcollege

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• What is a Heuristic?

  Heuristics = mental shortcuts, rules of thumb, cognitive biases 
   Related to system 1 thinking (previous lecture)

• What two types of heuristic categories do we have?

  Heuristics and shortcuts can be divided into two categories.
  1. How we perceive the world (e.g., Cheerleader effect)
  2. How to we perceive ourselves (e.g., Ikea effect)

• When do we use heuristics? What are all five times.

   
  1. identify all relevant information.
  2. recall and store this information
  3. assessing weights of al information
  4. consider all information on alternatives.
  5. select the right option
  = weighted additive rule

• According to Shah & Oppenheimer (2008), what is the weighted additive rule?

  Weighted additive rule = getting all information, weighing pro and cons and then make the decision. (e.g., Buying a new tv. First you think about the brand, then number of inches then price etc.….

• Why is it not possible to always use the weighted additive rule

  : Small versus large world.
  Sometimes it is not even possible to have all information
  World is small = not knowing all options/information
  Large world = knowing all information 
  Decision under risk vs certainty

• The weighted additive rule takes effort and Heuristics reduce this - Give an example of a heuristic when buying tv's

  Heuristics reduces this effort, so... 
  e.g the heuristc by limiing the price range  easier to compare tv’s then you can not buy certain brands because you do not like it. This is thinking heuristicly (system two thinking!

• What is the attribute substitution according to Kaheneman?

  Attribute substitution, Kahneman: people substitute a complex problem with a more simple problem, without being aware 

• What is effort-accuracy trade-off?

  Effort-accuracy trade-off: selecting the best decision strategy given the amount of effort available, at the cost of accuracy. 

• An alernative to the effort-accuracy trade off view is Ecological rationality. What is ecological rationality?

  selecting the best decision strategy given the environment. 

• What does Gigrenzer say about heuristics?

   (heuristics is not bad). You go to the hospital and instead of scanning everything the doctors take a shortcut and look quick what is broken for example your arm.
  Oldschool = heuristics is error prone.
  Not always, see less-is-more effects, medical decision trees etc. in article Gigerenzer