The aim of this study is to explore the judgments and reasoning in probabilistic tasks that require comparing two probabilities either with or without introducing an additional degree of uncertainty. The reasoning associated with the task having an additional condition of uncertainty has not been discussed in previous studies. The 66 undergraduate…

The objective of this article is to contribute to research on teachers' probabilistic knowledge and reasoning. To meet this objective, prospective mathematics teachers were presented coin flip sequences and were asked to determine and explain which of the sequences was least likely to occur. This research suggests that certain individuals, when…

Although the process of diagnosing invariably begins with a heuristic, we encourage our learners to support their diagnoses by analytical cognitive processes, such as Bayesian reasoning, in an attempt to mitigate the effects of heuristics on diagnosing. There are, however, limited data on the use ± impact of Bayesian reasoning on the accuracy of…

If the prospective students of probability lack a background in mathematical proofs, hands-on classroom activities may work well to help them to learn to analyze problems correctly. For example, students may physically roll a die twice to count and compare the frequency of the sequences. Tools such as graphing calculators or Microsoft Excel®…

Background: The equiprobability bias is a tendency for individuals to think of probabilistic events as "equiprobable" by nature, and to judge outcomes that occur with different probabilities as equally likely. The equiprobability bias has been repeatedly found to be related to formal education in statistics, and it is claimed to be based…

Recent developments in agent-based modeling as a method of systems analysis and optimization indicate that students in business analytics need an introduction to the terminology, concepts, and framework of agent-based modeling. This article presents an active learning exercise for MBA students in business analytics that demonstrates agent-based…

The debate about whether making a risky choice is based on a weighting and adding process has a long history and is still unresolved. To address this long-standing controversy, we developed a comparative paradigm. Participants' eye movements in 2 risky choice tasks that required participants to choose between risky options in single-play and…

This dissertation describes a design for training, in accordance with probability judgment heuristics principles, for the Angoff standard setting method. The new training with instruction, practice, and feedback tailored to the probability judgment heuristics principles was called the Heuristic training and the prevailing Angoff method training…

In three studies we looked at two typical misconceptions of probability: the representativeness heuristic, and the equiprobability bias. The literature on statistics education predicts that some typical errors and biases (e.g., the equiprobability bias) increase with education, whereas others decrease. This is in contrast with reasoning theorists'…

A heuristic approach to explaining of the Black-Scholes option pricing model in undergraduate classes is described. The approach draws upon the method of protocol analysis to encourage students to "think aloud" so that their mental models can be surfaced. It also relies upon extensive visualizations to communicate relationships that are…