Biases and Decision Making Quiz

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The anchoring bias is the tendency to focus on one piece of information when making a decision or solving a problem, rather than considering all relevant information. This can lead to suboptimal decisions as the decision-maker becomes overly anchored to the initial piece of information.

The confirmation bias is the tendency to focus on information that confirms our existing beliefs, while ignoring or downplaying information that contradicts those beliefs. This can lead to biased and irrational decision-making, as we selectively seek out and interpret information to support our preconceived notions.

The hindsight bias is the tendency to believe that an event was predictable, even though it wasn't, after the fact. This can lead to the belief that an event was more predictable than it actually was, simply because we now know the outcome.

The representative bias is the tendency to unintentionally stereotype someone or something based on limited information or preconceived notions. This can lead to making judgments or decisions that are biased and not based on a full consideration of the individual or situation.

The availability heuristic is the tendency to make a decision based on an example, information, or recent experience that is readily available to you, even though it may not be the best example to inform your decision. This can lead to biased and suboptimal decisions, as the decision-maker relies on easily accessible information rather than thoroughly evaluating all relevant factors.