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Kahneman Vs Psycho

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in this chapter the author discusses how the way a statement is structure can have different meanings. Kahneman uses the example of the Green and Blue cabs and the witness. In other words, jumping to conclusions is something that we do all the time. We create stereotypes based on information we consider more convincing like the case of the witness. The author talks about two different statistical base rates. Kahneman states that “statistical base rates are generally underweighted…. Casual base rates are treated as information about the individual case and are rarely combined with other case-specific information” (p.168). moreover, the author has an opinion that can be consider different to what we have been taught: stereotypes are neutral. …show more content…

They focused on how the variation in the wording of problem where we have to make choice can make a difference. Kahneman discusses some contributions by individuals like Gustav Fechner and his obsession with the relationship between mind and matter that is “find the psychological laws that relate the subjective quantity in the observer’s mind to the objective quantity in the material world” (p. 272). Moreover, the expected value is also a topic of discussion. According to Kahneman, Bernoulli believed that people do not evaluate gambles assessing probabilities. Most of the people go for the sure thigs. Kahneman says that Bernoulli’s idea was that “people’s choices are based not on the dollar values but on the psychological values of outcomes, their utilities” (p.270). The utility function of Bernoulli was useful not only to explain the making of choices when risk is present but also his analysis of risk attitudes is currently used, and with that function he explained the Petersburg …show more content…

Therefore, the author of this book believes that “you need to know the difference before you can predict the utility of an amount of wealth” (p. 275). He supports his argument with the example of Anthony and Betty, which was discussed in class. This example shows that it is obvious that Anthony and Betty are not facing the same option and for that reason, they won’t make the same decision. And that is why Bernoulli is wrong. Therefore, the expected utility theory can explain the situations of certain individuals, in this case Anthony’s and the risk aversion; however, it cannot explain the reasoning of others due to the lack of a reference point in his theory. Kahneman concludes this chapter explaining why this theory survived for so long with its evident flaws. He believes that since it was already accepted and used, people got blind and could not notice those errors. Deliberating is hard and we tend to avoid

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Task 5 According to the utility theory, consumers would change their spending pattern if the satisfaction they gain from the products or the price of products alter. For instance, initially a consumer may be allocating her spending between two products, X and Y such as: Marginal utility of X = Marginal utility of Y Price of X Price of Y 20 = 35

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In Gabriel’s Rebellion, Douglas R. Egerton’s evaluation of these two slave conspiracies stem off the revolution and the formation of the government. While Gabriel’s rebellion is fueled by the Revolution and all men being equal, Sancho’s rebellion is inspired by Gabriel’s and the that the government did nothing to change how Africans were treated. These two men would have been successful, but unforeseen events led to their conspiracies being revealed. This caused fear throughout the government and knew that handling these situations would be difficult. These two conspiracies and the governments’ reaction to them led to the government to change their demeanor and enforce new laws that stripped slaves of their rights.

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Finally, stereotypes are continually damaging society, but more so the justice system. Stereotypes allow the jurors to feel that using the hasty generalization fallacy is a proper argument, along with bandwagoning on the ideas of other simple minded men and women who categorize groups of individuals. This bias works like the rest; “if the emotion is consistent with the stereotypes … then those negative emotions are likely to exacerbate implicit biases”, causing an impartial jury and unfair ruling (Implicit Bias In a Courtroom). The common stereotypes, as random and wild as they may seem, can be mistaken as for logic and evidence against the defendant. The more common and widespread the stereotype, the more acceptable it may appear to not only jurors but to many in the

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T., & Hixon, J. G. (1991). The trouble of thinking: Activation and application of stereotypic beliefs. Journal of Personality and Social Psychology, 60(4), 509-517. 1. “Cognitive busyness [load] may decrease the likelihood that a particular stereotype will be activated but increase the likelihood that an activated stereotype will be applied.”

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A rational approach widely utilized as a part of remote strategy examination today, expected utility hypothesis (EUT) sprang from the work of von Neumann and Morgenstern in the 1940s. The methodology

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During this course, we have discussed at length about how stereotypes affect a racial group. Most of the time, stereotyping a racial group causes tension and brings about negative and damaging effects. Almost all Americans have heard the stereotype “all Asian Americans are smart”. The model minority stereotype is the cultural expectation placed on Asian Americans as group to be smart (naturally good at science and math), wealthy, and hardworking”.

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Stereotypes affects a human’s perception on a daily basis. Simply just walking down a street, and looking at the people who pass you, perceptions are being made about those people based on stereotypes that were formed early in a child’s life. Psychologist Paul Bloom speaks about how stereotypes can be rational times. You wouldn’t ask your grandma to help move furniture because you wouldn’t think she could be capable of lifting the heavy objects. But just because a thought may be rational doesn’t mean it is moral or humane.

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There are several similarities and differences between behaviorism (skinner) and psychoanalysis (Freud). Both behaviorism and psychoanalysis do not believe in the concept of free will in humans and they are both deterministic. Behavioral approach assets that the environment and the consequences of behavior control people while psychoanalysis believe that people are controlled by their unconscious drives. Through his observations, Freud believed that childhood experiences could lead to emotional problems in adulthood. Skinner in his experiment proved that behavior that produces pleasurable consequences is likely to be repeated whilst that which produces negative consequences is stamped out.

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Expected Utility theory The expected utility theory is a body of evidence that provides strong foundation for critical thinking and the decision-making process (McKenna, Pajnkihar & Murphy 2014, p. 61). This theory allows for nurses to provide links between treatment guidelines and the evidence-based practice which supports the treatment to provide the best possible care for patients (McKenna, Pajnkihar & Murphy 2014, p. 61). The expected utility theory allows for nurses to be able to accurately and effective decisions, through ensuring that all information about the decision is being considered by the nurse (Scott et al. 2014, p. 232).This decision-making process is achieved by looking at the positives and negatives of the treatment to determine the risks and any possible treatment alternatives to determine which would be best for the patient’s outcome (Scott et al.

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White introduces us with Smith’s water diamond paradox, also known as the classical paradox of value. The thesis of the article is that “there was never a paradox for Smith and his successors” (FWDP, 2) and shows why the water diamond paradox is a “fable” (2). The fable is a product of the twentieth century, which is used as an explanation of Smith’s paragraph in textbooks and lectures. The explanation is that the paradox puzzled Smith and his successors can be resolved with “the marginal utility theory (of Jevons) and a partial equilibrium supply and demand diagram” (2). However, there is no evidence that Smith and his successors were puzzled and one paragraph turned into a

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