Jove
Visualize
Contact Us
JoVE
x logofacebook logolinkedin logoyoutube logo
ABOUT JoVE
OverviewLeadershipBlogJoVE Help Center
AUTHORS
Publishing ProcessEditorial BoardScope & PoliciesPeer ReviewFAQSubmit
LIBRARIANS
TestimonialsSubscriptionsAccessResourcesLibrary Advisory BoardFAQ
RESEARCH
JoVE JournalMethods CollectionsJoVE Encyclopedia of ExperimentsArchive
EDUCATION
JoVE CoreJoVE BusinessJoVE Science EducationJoVE Lab ManualFaculty Resource CenterFaculty Site
Terms & Conditions of Use
Privacy Policy
Policies

Related Concept Videos

Decision Making01:20

Decision Making

312
Decision-making is a fundamental cognitive process that involves evaluating alternatives and selecting among them. This process can range from simple choices, such as deciding what to wear, to complex decisions, like choosing a major in college or a career path. The complexity of the decision often dictates the approach we use, which can be broadly categorized into two types: automatic and controlled decision-making.
Automatic decision-making is fast, intuitive, and relies on gut feelings...
312
Reason and Intuition01:37

Reason and Intuition

7.1K
The human brain processes information for decision-making using one of two routes: an intuitive system and a rational system (Epstein, 1994; popularized by Kahneman, 2011 as System 1 and System 2, respectively). The intuitive system is quick, impulsive, and operates with minimal effort, relying on emotions or habits to provide cues for what to do next, while the rational system is logical, analytical, deliberate, and methodical. Research in neuropsychology suggests that the...
7.1K
Decision Making: P-value Method01:09

Decision Making: P-value Method

5.9K
The process of hypothesis testing based on the P-value method includes calculating the P- value using the sample data and interpreting it.
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim  is also stated. These statements can act as null and alternative hypotheses:  a null hypothesis would be a neutral statement while the alternative hypothesis can...
5.9K
Decision Making: Traditional Method01:14

Decision Making: Traditional Method

4.3K
The process of hypothesis testing based on the traditional method includes calculating the critical value, testing the value of the test statistic using the sample data, and interpreting these values.
First, a specific claim about the population parameter is decided based on the research question and is stated in a simple form. Further, an opposing statement to this claim is also stated. These statements can act as null and alternative hypotheses, out of which a null hypothesis would be a...
4.3K
The Anchoring-and-Adjustment Heuristic01:25

The Anchoring-and-Adjustment Heuristic

7.5K
In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the...
7.5K
First Impression01:09

First Impression

13
First impressions play a crucial role in social perception, shaping how individuals assess others in professional, academic, and interpersonal contexts. Psychological research highlights the significance of cognitive biases, such as the primacy and recency effects, which influence how people interpret and recall information.The Primacy Effect and Cognitive AnchoringThe primacy effect describes the tendency for initial information to impact judgment disproportionately. When individuals encounter...
13

You might also read

Related Articles

Articles linked to this work by shared authors, journal, and citation graph.

Sort by
Same author

Milestone Age Affects the Role of Health and Emotions in Life Satisfaction: A Preliminary Inquiry.

PloS one·2015
Same author

1995 feels so close yet so far: the effect of event markers on subjective feelings of elapsed time.

Psychological science·2010
See all related articles

Related Experiment Video

Updated: Oct 14, 2025

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
08:24

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies

Published on: August 25, 2023

843

Comparing estimates for decision-making: Numerical processing and preferences for underestimates versus

Jorge Pena-Marin1, Rajesh Bhargave1

  • 1Department of Marketing.

Journal of Experimental Psychology. Applied
|November 4, 2021
PubMed
Summary
This summary is machine-generated.

Decision-makers prefer underestimate accuracy over overestimate accuracy. This bias in evaluating numerical estimates influences hiring decisions and stems from easier cognitive processing of underestimates.

More Related Videos

Errors as a Means of Reducing Impulsive Food Choice
07:07

Errors as a Means of Reducing Impulsive Food Choice

Published on: June 5, 2016

8.9K
The Adventures of Fundi Intervention Based on the Cognitive and Emotional Processing in Attention Deficit Hyperactive Disorder Patients
05:48

The Adventures of Fundi Intervention Based on the Cognitive and Emotional Processing in Attention Deficit Hyperactive Disorder Patients

Published on: June 12, 2020

5.9K

Related Experiment Videos

Last Updated: Oct 14, 2025

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
08:24

The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies

Published on: August 25, 2023

843
Errors as a Means of Reducing Impulsive Food Choice
07:07

Errors as a Means of Reducing Impulsive Food Choice

Published on: June 5, 2016

8.9K
The Adventures of Fundi Intervention Based on the Cognitive and Emotional Processing in Attention Deficit Hyperactive Disorder Patients
05:48

The Adventures of Fundi Intervention Based on the Cognitive and Emotional Processing in Attention Deficit Hyperactive Disorder Patients

Published on: June 12, 2020

5.9K

Area of Science:

  • Cognitive Psychology
  • Decision Science
  • Behavioral Economics

Background:

  • Decision-makers rely on numerical estimates for various predictions.
  • Evaluating the accuracy of these estimates is crucial for informed decision-making.

Purpose of the Study:

  • To investigate how individuals evaluate the accuracy of numerical estimates.
  • To determine if under- or overestimates are perceived differently.
  • To explore the impact of this perception on subsequent decisions.

Main Methods:

  • Six experiments were conducted across diverse decision domains.
  • Participants evaluated the accuracy of provided numerical estimates (underestimates vs. overestimates) against correct values.
  • The influence of these evaluations on simulated hiring decisions was assessed.

Main Results:

  • Participants consistently judged underestimates to be more accurate than overestimates.
  • This bias was observed for both point estimates and interval estimates.
  • The perceived accuracy of estimates influenced the selection of forecasters.

Conclusions:

  • Cognitive ease in calculating the difference between an underestimate and the correct value drives this bias.
  • The findings suggest a systematic bias in evaluating numerical accuracy, impacting real-world decisions.
  • Understanding this under/overestimate asymmetry is vital for improving judgment and decision-making processes.