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Cognitive heuristic approaches to decision making
Member rating: No Rating | Words: | Submitted: Sat Dec 06 2003
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Name: Ann-Mari Pynnonen. Level 2, psychology laboratory report on availability heuristic. (grade: A-). We rely on our past experiences when we make judgements about various uncertain events in our everyday life, but how valid these judgements actually are? Relatively 'little is known about the psychological mechanisms by which people assess the probability of an uncertain event or the value of an uncertain quantity' (Tversky & Kahneman, 1974: 1124). Amos Tversky and Daniel Kahneman have done highly influential work on decision-making in the field of cognitive and social psychology, which have shown the frequency of irrationality in people's beliefs and decisions (Ashcraft, 1994; Kahneman, Slovic, & Tversky, 1982). Tversky and Kahneman proposed that people use a limited number of cognitive heuristic approaches, which are learned 'rules of thumb' when judging probability or frequency of uncertain phenomena. Even though cognitive heuristics are prone to inaccuracies, one must emphasize that heuristics are surprisingly efficient...
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