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Questions and Answers
What is the difference between System 1 and System 2 thinking?
What is the difference between System 1 and System 2 thinking?
- System 1 is slow and logical, while System 2 is fast and intuitive
- System 1 is fast and intuitive, while System 2 is slow and logical. (correct)
- System 1 is neither fast nor slow, while System 2 is both fast and slow.
- System 1 and System 2 are the same thing.
What does the priming effect influence?
What does the priming effect influence?
- None of the above
- Intuitive thinking
- Logical thinking
- Associative memory (correct)
What is cognitive ease?
What is cognitive ease?
- The objective experience of ease with which information comes to mind
- The subjective experience of ease with which information comes to mind (correct)
- The subjective experience of difficulty with which information comes to mind
- The objective experience of difficulty with which information comes to mind
What is the relationship between the law of small numbers and the bias of confidence over doubt?
What is the relationship between the law of small numbers and the bias of confidence over doubt?
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What does the anchoring effect influence?
What does the anchoring effect influence?
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What is the conjunction fallacy?
What is the conjunction fallacy?
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What is the regression to the mean effect?
What is the regression to the mean effect?
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Study Notes
- Two systems of thinking: System 1 is fast and intuitive, while System 2 is slow and logical.
- Priming effect influences associative memory by making it easier to retrieve information that has been primed.
- Cognitive ease is the subjective experience of ease with which information comes to mind and can be used to create persuasive messages.
- The law of small numbers and the bias of confidence over doubt are related and involve making judgments based on limited information.
- Anchoring effect influences both System 1 and System 2 and involves people's judgments being influenced by an initial anchor value.
- Conjunction fallacy is the tendency to judge specific conjunctions of events as more probable than a single event that encompasses both events.
- Regression to the mean effect refers to the tendency for extreme scores on one variable to be associated with less extreme scores on another variable.
- Illusion of understanding, WYSIATI, illusion of inevitability, and illusion of certainty are related and involve overconfidence in one's own abilities.
- Illusion of validity, illusion of skill, and illusion of stock-picking skill are related and involve overconfidence in one's own abilities.
- Equations and formulas are more reliable than human judgment and intuition but are not always applicable or appropriate in every situation.
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