Question 1

Which of the following research projects would be most likely to be conducted by someone in the field of behavioural economics?

Accepted Answer

Behavioral economics is a field that investigates the psychological and emotional factors that impact economic decision-making. A study of emotional influences on investment in the stock market would fit within this field. The other options are not directly related to behavioral economics.

Question 2

Autumn has been figure skating since she was five years old. She has never placed higher than third in any of the competitions she has been in, but she is still convinced that she will be able to become a professional figure skater in a few years. Her coach and her parents have tried to tell her that not many people make it as professional skaters, but Autumn is convinced that she can beat the odds. What is Autumn doing in this case?

Accepted Answer

Autumn is ignoring the base rates of success in professional figure skating. She is convinced that she will be able to become a professional figure skater despite the fact that very few people actually make it to that level.

Question 3

Why do we make so many errors in decision-making, according to the theory of bounded rationality?

Accepted Answer

The answer of Why do we make so many errors...

Question 4

Which of your text's unifying themes is partly illustrated by the fact that variations in cognitive style sometimes reflect the ecological demands of one's environment?

Accepted Answer

Variations in cognitive style reflecting ecological demands highlight how cultural heritage and environmental factors shape behavior, aligning with the theme that behavior is influenced by cultural heritage.

Question 5

During the 1950s and 1960s, creative new ways of measuring mental processes paved the way for the cognitive revolution. Which of your text's unifying themes does the development of new research methods helps to illustrate?

Accepted Answer

The development of new research methods is a prime example of how psychology is empirical, meaning that it is based on observation and measurement rather than mere speculation or intuition. The cognitive revolution was enabled by researchers using empirical methods to measure mental processes and develop theories about how the mind works.

Question 6

After seeing your new neighbour walking very stiffly and primly by your house wearing horn-rimmed glasses on a chain, a cardigan sweater, and her hair in a bun, you decide she must be a librarian. What are you using to make this judgment?

Accepted Answer

The representativeness heuristic has been used in this judgment, as the neighbour's appearance fits with the stereotype of how a typical librarian may dress and present themselves. This heuristic involves making a decision based on how well the observations or characteristics of an individual fit with our preconceived notions or mental models of a certain group or category.

Question 7

Which of your text's unifying themes is illustrated by interactionist theories of language development?

Accepted Answer

Interactionist theories of language development emphasize the joint influence of genetic predispositions and environmental factors, illustrating how heredity and environment work together to shape behavior.

Question 8

Humans often appear irrational when you look at results of decision-making research. What explanation for this tendency is given by evolutionary theorists?

Accepted Answer

Evolutionary theorists argue that the human mind has evolved to solve specific types of problems that were relevant to our ancestors' survival and reproduction. Many research studies use tasks that are different from the types of problems that our ancestors faced, which may explain why humans sometimes appear irrational in decision-making research.

Question 9

What is the benefit of using "fast and frugal heuristics"?

Accepted Answer

The benefit of using fast and frugal heuristics is that we can make decisions very quickly. These heuristics are designed to quickly and efficiently process information and make decisions based on simple rules rather than complex reasoning, allowing us to make decisions rapidly without devoting significant time and effort to careful analysis. This can be particularly useful in situations where time is a critical factor and decisions need to be made quickly. However, it should be noted that the use of heuristics can also lead to errors and biases in decision making, so it is important to be aware of these limitations and use heuristics appropriately.

Question 10

You and your friend just met a woman at the bookstore, and she recommended a very good book to you. You guess, based on her appearance and demeanor, that she is a teacher. Your friend suggests that she is a teacher and also a writer. What should you think about your friend's suggestion?

Accepted Answer

The conjunction fallacy is when someone assumes that the odds of two events occurring together are more likely than the odds of either event happening alone. In this case, your friend is assuming that the woman is both a teacher and a writer, which is less likely than her just being a teacher.

Question 11

Zackary's friend asks how well Zackary gets along with his younger brother. Zackary thinks about how irritating his younger brother was yesterday, and the big fight they had as a result, and tells his friend that he doesn't get along with his brother at all. Which of the following is Zackary's response consistent with, in this instance?

Accepted Answer

Zackary's response is consistent with the availability heuristic, as he is basing his answer on the most recent and salient event in his mind (the fight with his brother), rather than taking into account the overall relationship he has with his brother.

Question 12

Elisa is entering survey data from adult males in a research study. One respondent has listed his height as 6 feet 5 inches, but the occupation is hard to decipher. Elisa thinks it might be basketball player or bank president. She decides to enter basketball player as the occupation. What did Elisa do in this case?

Accepted Answer

Elisa likely used the representativeness heuristic, which involves making judgments based on how similar something is to a typical case, such as associating tall height with basketball players.

Question 13

Byron has been watching his new neighbour for a week. She drives a sporty car, carries a cell phone, and wears nothing but blue business suits. Byron decides his new neighbour must be a lawyer. What did Byron use to form an opinion about his new neighbour's occupation?

Accepted Answer

Byron used the representativeness heuristic to form an opinion about his neighbour's occupation. He based his judgement on how closely she resembled his mental representation of a typical lawyer - someone who drives a sporty car, carries a cell phone and wears business suits. This heuristic often results in stereotyping and may lead to incorrect conclusions.

Question 14

Claude and Marie are excited because they have just bought a restaurant from the previous owners. The two partners know that the last seven restaurants that have been operated at that location have gone bankrupt within a year of their openings, but Claude and Marie are certain their restaurant will be successful because they plan on working hard to be a success. What are the two new business partners doing in this case?

Accepted Answer

The two partners are apparently ignoring base rates, which suggest that the probability of their restaurant succeeding is low based on the history of previous restaurants in the same location. They are hoping that working hard is enough to overcome this history, which is not necessarily true.

Question 15

Why do we use "fast and frugal heuristics", according to Gigerenzer?

Accepted Answer

According to Gigerenzer, we use fast and frugal heuristics because we often don't have the time required to calculate every possible outcome or factor. Therefore, we rely on quick and simple decision-making strategies that can provide satisfactory results without requiring extensive analysis.

Question 16

You're deciding whether you should take a new medication. One review tells you that the medication has a 5 percent risk of a serious side effect. Another review tells you that 95percent of patients do not experience that side effect. What differs between these two reviews?

Accepted Answer

The difference between the two reviews is the framing of the information. The first review presents the risk as a percentage, while the second review presents the information positively (i.e., 95 percent do not experience the side effect). This is an example of how framing can influence decision-making.

Question 17

Miryam has been following the provincial lottery for over a year, and she has a record of the number of times every number has been selected. She is going to start purchasing tickets for each draw with the same six-number combination on each ticket. She is going to choose the six numbers that have occurred the least frequently in the last year because she is sure they will be picked eventually. What has influenced Miryam's choice of numbers in this case?

Accepted Answer

Miryam's choice is influenced by the gambler's fallacy, which is the belief that if something happens less frequently in the past, it will happen more frequently in the future, or vice versa, in situations where each event is independent of the previous ones.

Question 18

Which of your text's unifying themes is illustrated by the fact that choices which are objectively identical can seem very different when reframed in different terms?

Accepted Answer

The fact that choices can seem different when framed in different terms suggests that our experiences and interpretations of the world are highly subjective, which is one of the key themes discussed in the text.

Question 19

What cognitive tendency is described by the representativeness heuristic?

Accepted Answer

The representativeness heuristic involves making judgments about the probability of an event based on how much it resembles a typical prototype or stereotype of that event. It is a cognitive shortcut that can lead to biases, such as overestimating the probability of rare events that fit well with our stereotypes or underestimating the probability of common events that do not fit well with our expectations.

Question 20

What cognitive tendency is described by the conjunction fallacy?

Accepted Answer

The conjunction fallacy occurs when people believe that the odds of two uncertain events happening together are greater than the odds of either event happening alone, which contradicts basic principles of probability.

Quiz 8: A: Language and Thought