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Heuristics and decision making theories

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Issue:

Business

 

Written by:

Annie S

 

Date added:

August 20, 2015

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 781

 

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4713 times

 

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In fact, this is the danger of overconfidence. The second activity illustrates calibration. “Calibration is the degree to which confidence matches accuracy.” (Plous, 1993, p. 222) Decision makers accuracy is based on the amount of times he/she choices the correct alternative. Asking what is the probability of an answer being correct is requires that the calculation be compared against something or someone else...
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In fact, this is the danger of overconfidence. The second activity illustrates calibration. “Calibration is the degree to which confidence matches accuracy.” (Plous, 1993, p. 222) Decision makers accuracy is based on the amount of times he/she choices the correct alternative. Asking what is the probability of an answer being correct is requires that the calculation be compared against something or someone else...
displayed 300 characters

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