Glossary Terms Archive - Page 4 of 4 - Casino Cognition: Judgment & Decision Making in the Casino

representativeness heuristic

Link to Wikipedia entry The representativeness heuristic is one of the most widely researched and demonstrated cognitive heuristics (short cuts or rules of thumb putatively built in to the human cognitive system). It was proposed by the psychologists Daniel KahnemanDaniel Kahneman and Amos Tversky are pioneering Israeli psychologists whose collaboration profoundly impacted the the science of judgment and decision making and behavioral economics. Their... More and Amos TverskyDaniel Kahneman and Amos Tversky are pioneering Israeli psychologists whose collaboration profoundly impacted […]

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roulette

Will

RouletteRoulette is a popular casino table game originating from France. Players place bets on either a single number, various groupings of numbers, the colors red… More is a popular casino table game originating from France. Players place bets on either a single number, various groupings of numbers, the colors red or black, whether the number

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slot machine

Will

Slot machines, also known as a fruit machines (e.g., in the United Kingdom), pokies (e.g., in Australia), one-armed banditsSlot machines, also known as a fruit machines (e.g., in the United Kingdom), pokies (e.g., in Australia), one-armed banditsSlot machines, also known as a fruit machines (e.g., in the United Kingdom), pokies (e.g., in Australia), one-armed bandits, or simply slots, are games of... More, or simply slots, are games of… More, or simply slots, are games of chance typically found in casinos

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utility

Will

In decision scienceThe term behavioral decision sciencesThe term behavioral decision sciences refers to an interdisciplinary field that combines psychology, economics, statistics, computer science, and management science to understand how individuals, groups,... More refers to an interdisciplinary field that combines psychology, economics, statistics, computer science, and management science to understand how individuals, groups,… More, “utility” refers to a quantitative measure representing an individual’s preference or satisfaction with respect to a particular outcome. In this framework, utilityIn decision science, “utility” refers to

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