PSY 375 Module Six Lab Worksheet Template

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Southern New Hampshire University *

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375

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Psychology

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Jan 9, 2024

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PSY 375 Module Six Lab Worksheet Template Complete this template by replacing the bracketed text with the relevant information. All responses to lab questions should be in your own words or paraphrased. Monty Hall Lab Data ● Insert your data in the table below. Strategy Winning Percent Stay with intial door 0.400 Switch to other door 0.800 ● Insert a screenshot of the lab output below. 1

Lab Questions ● Did your results match those predicted as described in the output? Explain how your results did or did not match the prediction. In my own experiment, my results aligned with the lab's prediction when I stuck with my initial door choice, but significantly improved when I switched doors. The lab suggests that the best approach is to randomly select a door initially and then switch to the other available option. Following this strategy, my results were consistent with their recommendation. According to the lab findings, if you choose a door randomly in each trial and then decide to either switch or stay with your original choice, there is a 50% chance of being correct. However, if you randomly choose a door and stick with that choice, the study predicts a success rate of around 33% (Goldstein E. B. 2019). On the other hand, if you randomly select a door and always switch to the other option, the chances of being correct increase to approximately 66%. ● Why does switching your choice lead to better odds in the long run? By changing your door choice, your chances of selecting the correct answer increase significantly, from 33% to 66%, effectively doubling your odds of winning the prize. This is because one of the doors that doesn't hold the prize has already been eliminated. However, if you stick with your initial door choice, the odds remain the same as they were initially before the non-prize door was revealed (33%) (Goldstein E. B. 2019). 2

Wason Selection Lab Data ● Insert your data in the table below. Condition Mean Number of Cards Correct Abstract 1.000 Thematic 1.000 ● Insert a screenshot of the lab output below. Lab Questions ● Why should we expect that the proportion correct should be higher for the thematic rules? 3

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In the thematic trials, my understanding of vocabulary and sentence structure guided my selection of the correct pair of cards. Despite yielding identical outcomes in both types of trials, the study foresees poorer results in the abstract scenario due to the absence of knowledge, leaving only logic to rely on. ● What does the Wason Selection task tell us about seeking confirmation of our beliefs versus seeking falsification of our beliefs? The Wason Selection task highlights our inclination to search for information that confirms our beliefs, regardless of its accuracy. It is comparatively simpler to find a rational answer when our judgment is based on knowledge rather than pure logic (Goldstein E. B. 2019). Risky Decisions Lab Data ● Insert your data in the table below. 4

Condition Less Risky More Risky Small Gain 0.750 0.500 Large Gain 0.000 0.500 Small Loss 0.500 0.500 Large Loss 0.000 0.250 ● Insert a screenshot of the lab output below. 5

Lab Questions ● Did you get the predicted results? If so, how so? If not, why not? According to the predicted outcomes, it was anticipated that people would prioritize a guaranteed gain over any potential risky gains or losses, as opposed to choosing a guaranteed loss. However, my collected data contradicts this prediction. In instances where there was a significant potential gain, I found that I would not take the risk and proceed regardless of the loss involved, I wanted to make sure I still had money in the end. If the potential loss outweighed the potential gain, I naturally opted to stick with the guaranteed amount, whether it resulted in a loss or a win. ● What does this study demonstrate? In other words, what is the main point of this experiment? The primary objective of this experiment is to evaluate if individuals are undertaking a thorough analysis of their choices in order to make the most advantageous decision for themselves. The experiment aims to showcase that individuals may believe they consistently make optimum decisions, but when confronted with specific contexts, they may be enticed to opt for a riskier alternative, hoping for a larger reward, rather than sticking with a certain option even if it results in a loss. 6

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Module Question ● What is the relevance of the Wason Selection task and Risky Decisions for financial decisions? The Wason Selection task and Risky Decisions are both relevant for financial decisions because they provide insights into the decision- making processes humans use when facing uncertain situations and the potential consequences of their actions (Brust-Renck et al., n.d.). The Wason Selection task is a cognitive psychology task that assesses a person's ability to reason logically and make optimal decisions in situations involving conditional statements. This task is relevant for financial decisions because it reveals how individuals assess and analyze information when faced with choices that have potential financial implications (Jung et al., 2014). It helps in understanding how people make decisions based on certain conditions or rules, which is vital in financial planning and investment decision-making. Risky Decisions refer to situations where individuals are faced with choices that involve uncertain outcomes and potential gains or losses. This decision-making scenario is highly relevant for financial decisions as almost all financial decisions involve some level of risk. Understanding how individuals evaluate and handle risks, weigh potential gains against possible losses, and make decisions based on risk preferences is crucial for managing investments, making financial plans, and deciding on strategies to mitigate financial risks (Platt & Huettel, 2008). Both the Wason Selection task and Risky Decisions highlight the importance of cognitive biases, heuristics, and emotional factors in decision-making processes. These tasks challenge individuals to make rational choices, uncovering biases that can impact financial decisions, such as overconfidence, loss aversion, or framing effects (Berthet, 2022). Recognizing and understanding these biases is essential for making well-informed and optimal financial decisions. Reference: Goldstein, E. B. (2019). Cognitive Psychology: Connecting Mind, Research, and Everyday Experience, (5th Ed.). Cengage Brust-Renck, P., Weldon, R., & Reyna, V. (n.d.). Judgment and Decision Making . https://oxfordre.com/psychology/. Jung, N. H., Wranke, C., Hamburger, K., & Knauff, M. (2014). How emotions affect logical reasoning: evidence from experiments with mood-manipulated participants, spider phobics, and people with exam anxiety. Frontiers in Psychology , 5 . https://doi.org/10.3389/fpsyg.2014.00570 7

Platt, M. L., & Huettel, S. A. (2008). Risky business: the neuroeconomics of decision making under uncertainty. Nature Neuroscience , 11 (4), 398–403. https://doi.org/10.1038/nn2062 Berthet, V. (2022). The Impact of Cognitive Biases on Professionals’ Decision-Making: A review of four occupational areas. Frontiers in Psychology , 12 . https://doi.org/10.3389/fpsyg.2021.802439 8

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