Judgement & Decision Making

In Judgement & Decision Making, students learn about how we process information, form judgements, and make choices. The aim of the course is improve students’ ability to recognise situations in which errors are likely, slow down, and adopt a more analytic approach to solving the problem. Throughout the course, we work on developing a richer language of judgement and decision making. Like medicine, the identification of judgmental errors is a diagnostic task, which requires a precise vocabulary. So the following is a list of topics, heuristics, and biases that we discuss at length throughout the course:

Adaptation Features Observer-Expectancy Effect
Affect Heuristic Flow Planning Fallacy
Allais’s Paradox Fluency Prospect Theory
Anchors Forecasting Prototypes
Associative Memory Formulas Rational Choice
Availability Frames Reference Point
Base Rates Frames and Reality Regression to the Mean
Broad Framing Gambler’s Fallacy Regret
Cascade Heuristic Remembering and Experiencing Self
Category Hindsight Representativeness
Causal Explanations Illusion of Validity Reversals
Change Blindness Imagery Risk Aversion
Cognitive Illusions Informational Features Risk Policies
Cognitive Strain Instances Risk Seeking
Competence Intervention Myopia Samuelson’s Problem
Concept Joint Evaluations Schema
Conjunction Fallacy Law of Least Effort Spacing Effect
Counterfactuals Law of Small Numbers Status Quo Bias
Denominator Neglect Loss Aversion Sunk Cost Fallacy
Dual Coding Theory Maximising Expected Utility Systems 1 and 2
Duration Neglect Mental Accounts Testing Effect
Endowment Effect Mental Shotgun Texas Sharpshooter Fallacy
Expected Utility Mere Exposure Effect The Certainty Effect
Expected Value Modus tollens The Fourfold Pattern
Experienced Happiness Multiple Independent error Factors The Possibility Effect
Exponential Growth Narrative Fallacy Theory-Induced Blindness
Fallacies Narrow Framing Transitivity
Familiarity Natural Frequencies Utility Functions
Family Resemblance Nonlinearity Within vs Between