Search results
Results From The WOW.Com Content Network
For illustrative purposes consider a choice between two simple gambles of the type “a chance c of winning monetary amount x; a chance (100 - c) of winning amount y.”A choice between two such gambles contain four reasons for choosing: the maximum gain, the minimum gain, and their respective chances; because chances are complementary, three reasons remain: the minimum gain, the chance of the ...
Gigerenzer & Gaissmaier (2011) state that sub-sets of strategy include heuristics, regression analysis, and Bayesian inference. [14]A heuristic is a strategy that ignores part of the information, with the goal of making decisions more quickly, frugally, and/or accurately than more complex methods (Gigerenzer and Gaissmaier [2011], p. 454; see also Todd et al. [2012], p. 7).
Multiple possible solutions are explored in a short amount of time, and unexpected connections are drawn. After the process of divergent thinking has been completed, ideas and information are organized and structured using convergent thinking to decision making strategies are used leading to a single-best, or most often correct answer. [2]
Satisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met, without necessarily maximizing any specific objective. [1]
Researchers investigating majority rule (where the option with more than half of the votes is chosen) and plurality rule (where the option with the most votes in chosen) strategies for group decisions found such strategies to be both high-performing and computationally efficient for situations where there is a correct answer. [24] Base-Rate ...
These queries are believed to be an automatic, unconscious process. Many individuals think largely in terms of emotions when asked to make a decision, and so the way in which a question is posed as well as the manner in which it is asked impacts the decision-making process. If asked to choose where to go for dinner, one will select a series of ...
Decision making with cold cognition is more likely to involve logic and critical analysis. [5] Therefore, when an individual engages in a task while using cold cognition, the stimulus is likely to be emotionally neutral and the "outcome of the test is not motivationally relevant" to the individual.
The recognition heuristic, originally termed the recognition principle, has been used as a model in the psychology of judgment and decision making and as a heuristic in artificial intelligence. The goal is to make inferences about a criterion that is not directly accessible to the decision maker, based on recognition retrieved from memory.