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SUMMARY:Optimality and irrationality in human decision-making - Professor 
 Christopher Summerfield\, Department of Experimental Psychology\, Universi
 ty of Oxford
DTSTART:20170310T163000Z
DTEND:20170310T180000Z
UID:TALK69965@talks.cam.ac.uk
CONTACT:Louise White
DESCRIPTION:Humans make "near-optimal" category judgments about noisy sens
 ory stimuli\, but on cognitive tasks they often exhibit systematic biases 
 that fail to maximise economic outcomes.  In my talk\, I will discuss why.
  I will argue that because the ideal observer framework considers only noi
 se that arises during sensory encoding\, it frequently misspecifies the de
 cision policy that will maximise rewards.  When we also consider "late" no
 ise - that arising during information integration - cognitive biases can o
 ften be reframed as efficient\, reward-maximsing policies.  I will discuss
  with reference to data and modelling from tasks involving perceptual aver
 aging\, transitive choices and decoy effects in multialternative choices.\
 n\n
LOCATION:Ground Floor Lecture Theatre\, Department of Psychology
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