Question 1

_____ are evaluated in terms of their accuracy; in contrast, the value of _____ is typically assessed in terms of the consequences of those decisions

Accepted Answer

A)   responses, decisions
B)   judgements, decisions
C)   decisions, judgements
D)   decisions, responses
E)   judgements, responses

Question 2

What did Gigerenzer and Hoffrage (1999, p. 425)  define as "the process of encountering instances in a population sequentially"?

Accepted Answer

A)   Expected utility
B)   Base-rate neglect
C)   The conjunction fallacy
D)   Natural sampling
E)   Queued series

Question 3

What aspect of risky decision-making was studied by Wang (1996) ?

Accepted Answer

A)   Concerns about fairness
B)   Individual differences
C)   The dominance principle
D)   The probability of an outcome
E)   Self-esteem

Question 4

Standard explanations of the conjunction fallacy assume it occurs because of the ____ perceived ____ of the additional information given the description

Accepted Answer

A)   high, hypothesis
B)   high, probability
C)   neutral, cues
D)   low, probability B

Question 5

Which types of theories focus on how people should make decisions, rather than on how they actually make them?

Accepted Answer

A)   Framing theories
B)   Social functionalist theories
C)   Bounded rationality theories
D)   Risk aversion theory
E)   Normative theories

Question 6

Gigerenzer and Hoffrage (1995, 1999)  argued that our experience of the world typically comes not in the form of probabilities, but in the form of:

Accepted Answer

A)   Differential equations
B)   Percentages
C)   Ratios
D)   Categories
E)   Frequencies

Question 7

According to prospect theory, people are typically much more sensitive to potential ______ than to potential ______.

Accepted Answer

A)   gains, losses
B)   losses, gains
C)   pain, pleasure
D)   pleasure, pain
E)   guilt, pleasure

Question 8

When steps were taken to ensure that participants fully understood the story, by making the category of a bank teller explicit, Tversky and Kahneman (1983)  found that:

Accepted Answer

A)   The conjunction fallacy disappeared statistically
B)   The conjunction fallacy increased in magnitude
C)   There remained a strong (though somewhat reduced)  conjunction fallacy effect
D)   People became more risk averse
E)   People became more risk seeking

Question 9

Tverky and Kahneman argued most people given judgement tasks use:

Accepted Answer

A)   Conjunction fallacy
B)   Bounded rationality
C)   Status quo bias
D)   Omission bias
E)   Heuristics

Question 10

Base-rate information is what?

Accepted Answer

A)   The amount of knowledge someone has
B)   The level of processing capacity someone has
C)   The absolute amount of information there is on something
D)   The prior belief in the probability of an event occurring prior to its occurrence
E)   The interestingness of information held

Question 11

When people judge the probability that an object or event (A)  belongs to a class or process (B) , they will often apply which heuristic?

Accepted Answer

A)   Contagion
B)   Peak-end
C)   Representativeness
D)   Anchoring
E)   Fluency

Question 12

What is the assumption that the frequencies of events can be estimated accurately by the accessibility in memory?

Accepted Answer

A)   Representativeness heuristic
B)   Recognition heuristic
C)   Availability heuristic
D)   Base-rate heuristic
E)   Knowledge heuristic

Question 13

Oppenheimer's (2004)  study involving assessment of name pairs (one famous, one non-famous) , indicated what about the availability heuristic?

Accepted Answer

A)   The heuristic is prone to effects of temperature
B)   Knowledge of the Cartesian distance between two cities influences recognition speed
C)   Deliberate thought can override the heuristic
D)   Younger participants employed the heuristic more often than older adults
E)   Repetition priming cancels out the effect of the heuristic C

Question 14

Framing effects are found when decisions are influenced by irrelevant aspects of the situation (e.g. when people focus on potential gains) , according to which theory?

Accepted Answer

A)   Fast and frugal heuristics
B)   Support theory
C)   Natural sampling
D)   Prospect theory
E)   Utility theory

Question 15

Decision avoidance is accounted for in which model?

Accepted Answer

A)   Dual-process model
B)   Rational-emotional model
C)   Logical intuition model
D)   Complex models
E)   Emotional-conflict model

Question 16

In Anderson's (2003)  rational-emotional model, the omission and status quo biases were both explained in terms of:

Accepted Answer

A)   Regret and anxiety
B)   Anxiety and fear
C)   Regret and fear
D)   Sadness and anxiety
E)   Avoidance and fear

Question 17

The phenomenon describing how people overestimate the intensity and duration of their negative emotional reactions to loss is called:

Accepted Answer

A)   Impact bias
B)   The fatalist's paradox
C)   Pessimism
D)   Pain expansion
E)   Focal magnification

Question 18

The study by Samuelson and Zeckhauser (1988) , about retirement funds, is a demonstration of what form of decision avoidance caused by emotional factors?

Accepted Answer

A)   Attentional bias
B)   Status quo bias
C)   Omission bias
D)   The dominance principle
E)   Utility theory

Question 19

According to prospect theory, people should overweigh the probability of which of the following?

Accepted Answer

A)   Common events
B)   Rare events
C)   Schema-inconsistent occurrences
D)   Social cues
E)   None of these B

Question 20

According to Riege and Teigen (2017) , the "tendency to judge the probability of the whole set of outcomes to be less than the total probabilities of its parts" is called the:

Accepted Answer

A)   Inverse rule
B)   Negative probability
C)   Subadditivity effect
D)   Base rate
E)   Hebbian activation

Exam 13: Judgement and Decision Making

_____ are evaluated in terms of their accuracy; in contrast, the value of _____ is typically assessed in terms of the consequences of those decisions

Correct AnswerverifiedShow Answer

What did Gigerenzer and Hoffrage (1999, p. 425) define as "the process of encountering instances in a population sequentially"?

Correct AnswerverifiedShow Answer

What aspect of risky decision-making was studied by Wang (1996) ?

Correct AnswerverifiedShow Answer

Standard explanations of the conjunction fallacy assume it occurs because of the ____ perceived ____ of the additional information given the description

Correct AnswerverifiedB

Which types of theories focus on how people should make decisions, rather than on how they actually make them?

Correct AnswerverifiedShow Answer

Gigerenzer and Hoffrage (1995, 1999) argued that our experience of the world typically comes not in the form of probabilities, but in the form of:

Correct AnswerverifiedShow Answer

According to prospect theory, people are typically much more sensitive to potential ______ than to potential ______.

Correct AnswerverifiedShow Answer

When steps were taken to ensure that participants fully understood the story, by making the category of a bank teller explicit, Tversky and Kahneman (1983) found that:

Correct AnswerverifiedShow Answer

Tverky and Kahneman argued most people given judgement tasks use:

Correct AnswerverifiedShow Answer

Base-rate information is what?

Correct AnswerverifiedShow Answer

When people judge the probability that an object or event (A) belongs to a class or process (B) , they will often apply which heuristic?

Correct AnswerverifiedShow Answer

What is the assumption that the frequencies of events can be estimated accurately by the accessibility in memory?

Correct AnswerverifiedShow Answer

Oppenheimer's (2004) study involving assessment of name pairs (one famous, one non-famous) , indicated what about the availability heuristic?

Correct AnswerverifiedC

Framing effects are found when decisions are influenced by irrelevant aspects of the situation (e.g. when people focus on potential gains) , according to which theory?

Correct AnswerverifiedShow Answer

Decision avoidance is accounted for in which model?

Correct AnswerverifiedShow Answer

In Anderson's (2003) rational-emotional model, the omission and status quo biases were both explained in terms of:

Correct AnswerverifiedShow Answer

The phenomenon describing how people overestimate the intensity and duration of their negative emotional reactions to loss is called:

Correct AnswerverifiedShow Answer

The study by Samuelson and Zeckhauser (1988) , about retirement funds, is a demonstration of what form of decision avoidance caused by emotional factors?

Correct AnswerverifiedShow Answer

According to prospect theory, people should overweigh the probability of which of the following?

Correct AnswerverifiedB

According to Riege and Teigen (2017) , the "tendency to judge the probability of the whole set of outcomes to be less than the total probabilities of its parts" is called the:

Correct AnswerverifiedShow Answer

_ are evaluated in terms of their accuracy; in contrast, the value of _ is typically assessed in terms of the consequences of those decisions

Correct Answer
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Standard explanations of the conjunction fallacy assume it occurs because of the perceived of the additional information given the description

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B

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According to prospect theory, people are typically much more sensitive to potential than to potential .

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C

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B

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