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The ambiguity effect is a cognitive tendency where decision making is affected by a lack of information, or "ambiguity". [1] The effect implies that people tend to select options for which the probability of a favorable outcome is known, over an option for which the probability of a favorable outcome is unknown.
Maxmin expected utility: Axiomatized by Gilboa and Schmeidler [8] is a widely received alternative to utility maximization, taking into account ambiguity-averse preferences. This model reconciles the notion that intuitive decisions may violate the ambiguity neutrality, established within both the Ellsberg Paradox and Allais Paradox.
Attribute substitution is a psychological process thought to underlie a number of cognitive biases and perceptual illusions.It occurs when an individual has to make a judgment (of a target attribute) that is computationally complex, and instead substitutes a more easily calculated heuristic attribute. [1]
Explanations include information-processing rules (i.e., mental shortcuts), called heuristics, that the brain uses to produce decisions or judgments. Biases have a variety of forms and appear as cognitive ("cold") bias, such as mental noise, [5] or motivational ("hot") bias, such as when beliefs are distorted by wishful thinking. Both effects ...
Heuristics (from Ancient Greek εὑρίσκω, heurískō, "I find, discover") is the process by which humans use mental shortcuts to arrive at decisions. Heuristics are simple strategies that humans, animals, [1] [2] [3] organizations, [4] and even machines [5] use to quickly form judgments, make decisions, and find solutions to complex problems.
But when the development is a more efficient brain than any human possesses, the impact could be significant for the most important muscle we have. 5 Ways AI Could Actually Change How Your Brain Works
What happens if the owner of a life insurance policy dies before the insured? When the owner of a life insurance policy passes away before the insured, things can get a bit tricky. If the owner ...
One line of debate is between two points of view: that of psychological nativism, i.e., the language ability is somehow "hardwired" in the human brain, and usage based theories of language, according to which language emerges through to brain's interaction with environment and activated by general dispositions for social interaction and ...