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Lecture 4 Note

The document outlines various problem-solving strategies, including trial and error, algorithms, and heuristics. It discusses common heuristics and biases, such as the availability heuristic and confirmation bias, and distinguishes between insight and analytical problems. Additionally, it highlights influences on decision-making, including framing effects, risk assessment, and bounded rationality.

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22 views1 page

Lecture 4 Note

The document outlines various problem-solving strategies, including trial and error, algorithms, and heuristics. It discusses common heuristics and biases, such as the availability heuristic and confirmation bias, and distinguishes between insight and analytical problems. Additionally, it highlights influences on decision-making, including framing effects, risk assessment, and bounded rationality.

Uploaded by

Vaishali ‘s
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

Problem Solving and Decision Making

Problem Solving Strategies

• Trial and Error: Testing possible solutions until one works.

• Algorithms: Step-by-step procedures that guarantee a solution (e.g., mathematical


formulas).

• Heuristics: Rule-of-thumb shortcuts that speed up decision making but can introduce
errors.

Common Heuristics and Biases

• Availability Heuristic: Judging likelihood based on how easily examples come to mind
(e.g., overestimating plane crashes after seeing news reports).

• Representativeness Heuristic: Assessing similarity to a prototype (e.g., assuming


someone who likes poetry is more likely to be an English major than an engineer).

• Con rmation Bias: Seeking or interpreting information that con rms existing beliefs.

Insight Versus Analytical Problems

• Insight Problems: Solutions emerge suddenly (the “Aha!” moment).

• Analytical Problems: Require systematic, step-by-step reasoning.

Decision-Making In uences

• Framing Effects: Decisions change depending on how options are presented (e.g.,
survival rates vs. mortality rates).

• Risk Assessment: Tendency to avoid loss more than to seek gains (loss aversion).

• Bounded Rationality: Real-world decision making constrained by limited time,


information, and cognitive capacity.
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