Cognitive Biases in Decision Making
37 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the Primacy Effect with respect to memory?

  • The phenomenon where new information interferes with old memories.
  • The ability to recall the middle items of a list better than others.
  • The tendency to forget the first items in a list.
  • The tendency to remember the first items in a list better than those in the middle. (correct)

    • Which effect suggests that the depth of processing impacts memory retention?

  • Recency Effect
  • Testing Effect
  • Levels-of-Processing Effect (correct)
  • Suffix Effect

    • What does the Google Effect describe in relation to memory?

  • The tendency to remember information better when it is tested.
  • The increased recall of information presented in a casual context.
  • The phenomenon of forgetting information presented right before speaking.
  • The tendency to forget information that can be easily retrieved online. (correct)

    • What is the Next-in-Line Effect?

    <p>The tendency to forget information presented just before your turn due to preparation.</p> Signup and view all the answers

    Which of the following best describes Memory Inhibition?

    <p>The suppression of irrelevant or interfering memories to focus on relevant information.</p> Signup and view all the answers

    What is the phenomenon called when observing a situation alters it?

    <p>Observer Effect</p> Signup and view all the answers

    Which bias involves interpreting information in a way that supports one's existing beliefs?

    <p>Selective Perception</p> Signup and view all the answers

    What term describes the belief that a purchase was a good decision to mitigate regret?

    <p>Post-Purchase Rationalization</p> Signup and view all the answers

    What describes the tendency to overemphasize one aspect of an event while neglecting others?

    <p>Focusing Effect</p> Signup and view all the answers

    Which bias leads individuals to remember their choices as being better than they were?

    <p>Choice-Supportive Bias</p> Signup and view all the answers

    What is the term for the tendency to ignore alternative hypotheses while testing an initial hypothesis?

    <p>Congruence Bias</p> Signup and view all the answers

    What does the Money Illusion refer to?

    <p>Evaluating money based on nominal rather than real value</p> Signup and view all the answers

    What bias involves believing vague or general statements to be true if they have personal relevance?

    <p>Subjective Validation</p> Signup and view all the answers

    What does the Planning Fallacy refer to?

    <p>Underestimating time, costs, and risks, while overestimating benefits</p> Signup and view all the answers

    Which bias involves overvaluing new ideas simply due to their novelty?

    <p>Pro-Innovation Bias</p> Signup and view all the answers

    What is the psychological concept where people believe their abilities are above average?

    <p>Lake Wobegone Effect</p> Signup and view all the answers

    What does the Dunning-Kruger Effect highlight about individuals with low ability?

    <p>They overestimate their abilities</p> Signup and view all the answers

    Which bias is characterized by the belief that media messages have a greater effect on others than on oneself?

    <p>Third-Person Effect</p> Signup and view all the answers

    The tendency to believe vague statements apply specifically to oneself is known as what?

    <p>Forer Effect</p> Signup and view all the answers

    What is the term for overestimating success on difficult tasks while underestimating success on easy tasks?

    <p>Hard-Easy Effect</p> Signup and view all the answers

    Restraint Bias is best described as what?

    <p>Underestimating one's ability to control impulsive behavior</p> Signup and view all the answers

    What is the information bias primarily concerned with?

    <p>Seeking unnecessary information in decision-making</p> Signup and view all the answers

    Which effect explains why people may overvalue trivial matters over more complex issues?

    <p>Bike-shedding effect</p> Signup and view all the answers

    What does Occam’s Razor suggest about explanations?

    <p>The simplest explanation is usually preferable</p> Signup and view all the answers

    What is the conjunction fallacy?

    <p>Thinking two events are more likely than one occurring</p> Signup and view all the answers

    Which phenomenon explains why people may prefer smaller options when evaluated separately but not when compared directly?

    <p>Less-is-better effect</p> Signup and view all the answers

    What does source confusion involve?

    <p>Mixing up where a memory came from</p> Signup and view all the answers

    Which term refers to the phenomenon of recalling an event differently than how it actually happened?

    <p>False memory</p> Signup and view all the answers

    Which bias involves judging the strength of an argument based solely on the believability of its conclusion?

    <p>Belief bias</p> Signup and view all the answers

    What does the IKEA Effect refer to?

    <p>Valuing something more because you partially created or assembled it yourself.</p> Signup and view all the answers

    What is the primary characteristic of the Disposition Effect?

    <p>Holding onto assets that have increased in value while selling those that have decreased.</p> Signup and view all the answers

    Which bias is associated with the preference to maintain the current state of affairs?

    <p>Status Quo Bias</p> Signup and view all the answers

    What does the Backfire Effect demonstrate?

    <p>The tendency to strengthen beliefs when faced with evidence to the contrary.</p> Signup and view all the answers

    What psychological phenomenon involves a person becoming more invested in preserving their freedom of choice?

    <p>Reactance</p> Signup and view all the answers

    The Pseudocertainty Effect refers to:

    <p>Believing a multi-stage decision-making outcome is certain when it is not.</p> Signup and view all the answers

    What does the Decoy Effect aim to achieve?

    <p>Making one option more attractive by adding a less appealing choice.</p> Signup and view all the answers

    What is the primary focus of the Processing Difficulty Effect?

    <p>Improving memory retention through effortful processing.</p> Signup and view all the answers

    Study Notes

    Cognitive Biases

    • Distinction Bias: Two options appear more different when evaluated together than separately.
    • Focusing Effect: Placing too much emphasis on a single aspect, overlooking other factors.
    • Framing Effect: Information presented in a positive or negative light influences reactions.
    • Money Illusion: Thinking of money in nominal terms, ignoring inflation's impact.
    • Weber-Fechner Law: Perceived change in a stimulus is proportional to the initial stimulus; larger changes are needed for noticeable differences as the stimulus increases.
    • Confirmation Bias: Seeking, interpreting, and remembering information that confirms existing beliefs.
    • Congruence Bias: Repeatedly testing an initial hypothesis, ignoring alternative hypotheses.
    • Post-Purchase Rationalization: Convincing oneself a purchase was a good decision, even if it wasn't, to avoid regret.
    • Choice-Supportive Bias: Remembering choices as better than they were, downplaying negatives and emphasizing positives.
    • Selective Perception: Noticing and remembering information aligning with existing beliefs, ignoring contradictory information.
    • Observer-Expectancy Effect: Researcher expectations subconsciously influencing experiment participants, affecting results.
    • Experimenter's Bias: Researcher expectations or beliefs unintentionally influencing experiment outcomes.
    • Observer Effect: The act of observing a situation or phenomenon changes it.
    • Expectation Bias: Expectations about an event's outcome influence perception and interpretation of information.
    • Ostrich Effect: Avoiding potentially negative information by ignoring it.
    • Subjective Validation: Believing vague or general statements are true if they're personally meaningful.
    • Planning Fallacy: Underestimating time, costs, and risks of future actions while overestimating benefits.
    • Time-Saving Bias: Misestimating time saved or lost when changing speed, often underestimating time saved at low speeds and overestimating time saved at high speeds.
    • Pro-Innovation Bias: Overvaluing new ideas or technologies simply because they're new.
    • Projection Bias: Assuming others share the same beliefs, attitudes, and behaviors.
    • Restraint Bias: Overestimating one's ability to control impulsive behavior.
    • Self-Consistency Bias: Perceiving past attitudes and behaviors as consistent with current ones, even if they've changed.

    Confidence and Social Influence Biases

    • Overconfidence Effect: Overestimating one's abilities or the accuracy of knowledge.
    • Social Desirability Bias: Answering questions in a way viewed favorably by others.
    • Third-Person Effect: Believing media messages affect others more than oneself.
    • False Consensus Effect: Overestimating how many others agree with one's beliefs and behaviors.
    • Hard-Easy Effect: Overestimating success on difficult tasks and underestimating success on easy tasks.
    • Lake Wobegone Effect: Overestimating one's abilities, thinking one is above average.
    • Dunning-Kruger Effect: People with low ability in a task overestimate their ability.
    • Egocentric Bias: Relying too heavily on one's perspective and having a higher opinion of oneself.
    • Optimism Bias: Overestimating the likelihood of positive events and underestimating the likelihood of negative events.
    • Forer Effect: Believing vague, general statements are highly accurate for oneself.
    • Barnum Effect: Similar to the Forer effect, where people believe general statements apply specifically to them.
    • Self-Serving Bias: Attributing positive events to oneself and negative events to external factors.
    • Actor-Observer Bias: Attributing one's actions to external factors but others' actions to their character.
    • IKEA Effect: Valuing something more because it was partially created or assembled by oneself.
    • Unit Bias: Believing that a single unit of something is the right amount, leading to overconsumption if the unit is large.
    • Zero-Risk Bias: Preferring the complete elimination of a small risk over a greater overall reduction in risk.
    • Disposition Effect: Selling assets that have increased in value while keeping assets that have decreased in value.
    • Pseudocertainty Effect: Believing an outcome is certain when it is uncertain, especially in multi-stage decision-making.
    • Processing Difficulty Effect: Remembering information better when it's harder to process, as the extra effort enhances retention.
    • Endowment Effect: Valuing something more highly simply because one owns it.
    • Backfire Effect: Strengthening beliefs in the face of contradictory evidence.

    Preserving Autonomy and Avoiding Irreversible Decisions

    • System Justification: Defending and justifying existing social, economic, and political systems, even if they're unfair or disadvantageous.
    • Reverse Psychology: Encouraging someone to do something by suggesting the opposite, hoping for a reaction against the suggestion.
    • Reactance: Emotional reaction to being told what to do, often leading to doing the opposite to assert freedom.
    • Decoy Effect: Adding a less attractive option to a set of choices, making one of the original options more appealing by comparison.
    • Social Comparison Effect: Evaluating oneself by comparing with others, influencing self-esteem and behavior based on comparisons.
    • Status Quo Bias: Preferring to keep things the same rather than change, even if the change might be beneficial.

    Preference for Simplicity and Complete Information

    • Ambiguity Bias: Avoiding options or decisions involving uncertainty or incomplete information, preferring clear and well-defined choices.
    • Information Bias: Seeking out more information even when it doesn't affect decision-making, often overcomplicating things.
    • Belief Bias: Judging the strength of an argument based on the believability of its conclusion rather than on the logic and evidence.
    • Rhyme-as-Reason Effect: Perceiving rhyming statements as more truthful or accurate simply because they rhyme.
    • Bike-Shedding Effect: Spending excessive time on trivial issues while neglecting more important, complex ones, because trivial issues are easier to understand and discuss.
    • Law of Triviality: People within an organization give disproportionate weight to trivial issues, often spending more time on minor details than important matters.
    • Conjunction Fallacy: Believing specific conditions are more probable than a single general one, like thinking two events happening together is more likely than one happening alone.
    • Occam's Razor: The simplest explanation, with the fewest assumptions, is usually the best one.
    • Less-Is-Better Effect: A smaller or lesser option is preferred when evaluated separately, but not when compared directly with a larger or better option.

    Memory Biases

    • Misattribution of Memory: Remembering something correctly but attributing it to the wrong source.
    • Source Confusion: Mixing up where a memory or piece of information came from.
    • Cryptomnesia: Believing a thought or idea is original when it's a forgotten memory.
    • False Memory: Recalling something that didn't happen or remembering it differently from how it occurred.
    • Suggestibility: Accepting and acting on suggestions from others, leading to distorted or false memories, especially when influenced by leading questions or repeated information.
    • Memory Inhibition: Suppressing irrelevant or interfering memories to focus on relevant information.
    • Primacy Effect: Remembering the first items in a list better than those in the middle.
    • Recency Effect: Remembering the last items in a list better than those in the middle.
    • Part-Set Cueing Effect: Being presented with a subset of items from a list makes it harder to recall the remaining items.
    • Serial-Position Effect: Remembering the first and last items in a series better than the middle items.
    • Suffix Effect: An additional item at the end of a list reduces the recall of the last items in the list.

    Memory Processing Variations

    • Levels-of-Processing Effect: Depth of information processing affects how well it's remembered. Deeper, more meaningful processing leads to better memory.
    • Absent-Mindedness: Forgetting things because of lack of attention or distractions.
    • Testing Effect: Testing oneself on information helps remember it better than just studying it.
    • Next-in-Line Effect: Forgetting information presented just before one's turn to speak or perform, as one's focus shifts to preparing for their turn.
    • Google Effect: The tendency to forget information that can be easily found online, relying on search engines instead of memory.
    • Tip of the Tongue Phenomenon: Knowing that one knows a word or piece of information but unable to recall it at the moment.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Cognitive Bias Codex PDF

    Description

    Explore the various cognitive biases that influence our decision-making processes. This quiz covers concepts like the Focusing Effect, Confirmation Bias, and more, helping you understand how our perceptions can shape our choices. Challenge yourself to identify and apply these biases in everyday scenarios.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser