Introduction to Cognitive Psychology - Department of Psychological ...

Greg Francis 1/7/11Decision makingPSY 200Greg FrancisLecture 33What every consumer should knowbefore buying.Purdue UniversityDecision making!! We have to make lots of choices!!course selections!!elections!!housing!!job!!cancer treatment!! What affects our choices?!! How do we make choices?Purdue UniversityTopics!! Influences on decision making!!framing effects!!risks!!alternatives!!loss aversion!! Effects are often relatedFraming effects!! Your decisions are influenced by the way aset of choices is presented!! The child custody problem!!two versions, essentially the same!!lead to different choicesPurdue UniversityPurdue UniversityVersion 1: award frame!! Imagine that you serve on the jury of an only-child solecustodycase following a relatively messy divorce. The factsare complicated by ambiguous economic, social, andemotional considerations, and you decide to base yourdecision entirely on the following few observations. To whichparent would you award sole custody of the child?!! Parent A: average income, average health, average workinghours, reasonable rapport with child, relatively stable sociallife!! Parent B: above-average income, very close relationship withchild, extremely active social life, lots of work-related travel,minor health problems64%Version 2: deny frame!! Imagine that you serve on the jury of an only-child solecustodycase following a relatively messy divorce. The factsare complicated by ambiguous economic, social, andemotional considerations, and you decide to base yourdecision entirely on the following few observations. To whichparent would you deny sole custody of the child?!! Parent A: average income, average health, average workinghours, reasonable rapport with child, relatively stable sociallife!! Parent B: above-average income, very close relationship withchild, extremely active social life, lots of work-related travel,minor health problems55%Purdue UniversityPurdue UniversityPSY200 Cognitive Psychology 1