Before you read chapter 8, Circle the correct answer.
1. Once you have decided on an alternative, it is best NOT to review your decision because research has shown that the first choice people make is usually the best. F
2. It is usually not possible to determine if the best decision was made. T
3. If we develop the habit of writing lists of alternatives on paper, then we don't have to be concerned abou the possibility that memory is biasing the decision making process. F
4. When people are highly confident about their ability to make sound decisions, their self-confidence is usually warranted. F
5. We tend to judge information that is easy to recall as more frequent in occurrence than information that is difficult to recall. T
6. When picking 6 lottery numbers, 12, 7, 4, 31, 6, 28 is mor likely to win (if the lottery is fair) than 1, 2, 3, 4, 5, 6. F
7. When you are deciding about continuing a project in which you have already invested time and money, the amount of time and money that you have previously invested should be the primary consideration. F
8. The fact that you are familiar with something or someone will influence your decision so that that alternative or person is evaluated more favorably than a less familiar alternative or person. T
9. There is a considerable body of evidence that shows that people make better decisions when they use a worksheet procedure. T
10. A decision should always be judged by the quality of its outcome. F
1. Consider the problem: "I need more money" (common enough among college students). Generate at least eight possible alternative solutions for this problem. How does generating more alternatives help re-frame the problem? Does having more alternatives to choose from lead to a higher-quality decision? Why or why not?
2. Look for instances of the confirmation bias, availability heuristic, representativeness heuristic, wishful thinking, cognitive dissonance, and hindsight, in the everyday decisions made by yourself and others around you. List an example that you found and explain how the example fits the definition given in the text.
3 comments:
1) True
2) False
3) False
4) False
5) True
6) True
7) False
8) True
9) True
10) False
Decision Making Part A:
Money. There never seems to be enough of it. At least, that is what most college students will say. But is that really the case? In my personal experience, I have found college students to be the most likely to mindlessly consume without thinking about the consequences in comparison to other demographics. There are often many different possible solutions for a specific problem. Considering the options helps one to re-frame the problem from a different perspective, opening the door to other possibilities not previously thought about.
Considerations for college students that might need more money:
Get a job
Apply for financial aid
Apply for work study
Borrow Money from a family member
Write a few scholarships
Write a grant based on your program of study
Take out a loan
Budget (cut out unnecessary expenses)
Sell unneeded possessions
Collect recycling and take it to California in a Geo Metro or Hybrid car
Start knitting and sell scarves and hats
Start a service business: dog sitting, grocery delivery, etc.
Stand at an intersection with a cardboard sign asking for donations
Take time off school to learn a new talent or skill (perhaps college is not right for you/ perhaps you are not ready to study)
Decide if debt is worth the education in this economy. If not, find another way to educate yourself (library, book club, think tank, internship, job core, military)
Generating more options leads to better decisions because an individual is more likely to come up with ideas and solutions that were not considered before. This process can even be furthered by getting a second or third opinion from others, as long as the individual is not seeking to be affirmed, but is rather checking their own biases and blind spots.
I've posted the answers to the true false questions in the original blog.
Great creativity in reframing the problem of not enough money.
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