Thinking and decision making involve two systems - an intuitive system that makes quick judgments and an analytical system that involves deliberative thinking. Studies have shown biases can influence these processes, such as anchoring bias where the first piece of information provided affects decisions and framing bias where how options are presented in a positive or negative light can sway choices. Key terms are thinking as using knowledge and information to interpret the world, and decision making as identifying and choosing alternatives based on personal values and preferences.
Original Description:
Psychology Studies for thinking and decision making
Thinking and decision making involve two systems - an intuitive system that makes quick judgments and an analytical system that involves deliberative thinking. Studies have shown biases can influence these processes, such as anchoring bias where the first piece of information provided affects decisions and framing bias where how options are presented in a positive or negative light can sway choices. Key terms are thinking as using knowledge and information to interpret the world, and decision making as identifying and choosing alternatives based on personal values and preferences.
Thinking and decision making involve two systems - an intuitive system that makes quick judgments and an analytical system that involves deliberative thinking. Studies have shown biases can influence these processes, such as anchoring bias where the first piece of information provided affects decisions and framing bias where how options are presented in a positive or negative light can sway choices. Key terms are thinking as using knowledge and information to interpret the world, and decision making as identifying and choosing alternatives based on personal values and preferences.
Key terms • Thinking: Something that we should be doing but don’t do The process of using knowledge and information to make plans, interpret the world, and make predictions about the world in general. • Decision making: as the process of identifying and choosing alternatives based on the values and preferences of the decision-maker Dual processing model • Dual processing theory of human cognition postulates that reasoning and decision-making can be described as a function of both an intuitive, experiential, affective system (system I) and/or an analytical, deliberative (system II) processing system. Studies for thinking and decision making • Tversky and Kahneman: Gender ratio in hospitals • Atler and Openhimer: Difficult test v/s simple test Biases in thinking and decision making • Anchoring Bias: Decision making affected by the first piece of information provided (an anchor) • Framing Bias: The framing effect is a cognitive bias where people decide on options based on whether the options are presented with positive or negative connotations; e.g. as a loss or as a gain. Anchoring Bias • Strack and Mussweiller (1997) • Englich and Mussweiller (2001) • Tversky and Kahneman Framing bias
• https://youtu.be/LxFw80qiCJM - Tversky and Kahneman