Please use this identifier to cite or link to this item: http://hdl.handle.net/2440/54278
Type: Conference paper
Title: Does memory mediate susceptibility to cognitive biases? Implications of the decision-by-sampling theory
Author: Bruza, B.
Welsh, M.
Navarro, D.
Citation: Proceedings of the 30th Annual meeting of the Cognitive Science Society (CogSci 2008), 23-26 July, 2008: pp. 1498-1503
Publisher: Cognitive Science Society
Publisher Place: USA
Issue Date: 2008
ISBN: 9780976831846
Conference Name: Annual Meeting of the Cognitive Science Society (30th : 2008 : Washington DC)
Statement of
Responsibility: 
Belinda Bruza, Matthew B. Welsh and Daniel J. Navarro
Abstract: Stewart, Chater and Brown’s (2006) decision-by-sampling theory proposes that people make decisions about everyday events by drawing samples of “similar” events from memory and comparing them to the event in question. Classic gainsversus- losses framing effects emerge naturally from the theory, along with a number of other decision-making phenomena. In this paper, we note that since these biases are treated as memory-related, and there are empirically observed individual differences in both memory and susceptibility to bias, the two might be expected to be related. Specifically, better memory should reduce overconfidence but, somewhat counterintuitively, strengthen framing effects. To test this, we measured working and retrieval memory for 60 undergraduates, and compared these to their susceptibility to each bias. Although the data collected displayed the usual decision-making effects, no relationship was found between memory and either bias once covariates were controlled for.
Keywords: decision making; bias; cognitive processes; overconfidence; framing
Description: The document attached has been archived with permission from the copyright holder.
Rights: © the authors
RMID: 0020083273
Appears in Collections:Psychology publications

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