Cognitive Biases in Decision Making
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Questions and Answers

Which cognitive bias involves relying too heavily on the first piece of information encountered when making decisions?

  • Anchoring effect (correct)
  • Availability heuristic
  • Representativeness heuristic
  • Confirmation bias
  • What cognitive bias leads individuals to favor information that confirms their existing beliefs?

  • Anchoring effect
  • Availability heuristic
  • Representativeness heuristic
  • Confirmation bias (correct)
  • Which heuristic might cause someone to judge the probability of an event based on how easily examples come to mind?

  • Availability heuristic (correct)
  • Anchoring effect
  • Confirmation bias
  • Representativeness heuristic
  • Which cognitive bias occurs when individuals evaluate the probability of an event based on how similar it is to a prototype they have in mind?

    <p>Representativeness heuristic</p> Signup and view all the answers

    What is the primary effect of the anchoring effect in decision-making?

    <p>It skews decisions towards initial information.</p> Signup and view all the answers

    Which cognitive bias can influence a person's perception of risk based on recent events they have encountered?

    <p>Availability heuristic</p> Signup and view all the answers

    In decision-making, which cognitive bias may lead an individual to disregard contradictory evidence?

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

    Which heuristic could lead someone to make judgments about a situation based on superficial similarities to past experiences?

    <p>Representativeness heuristic</p> Signup and view all the answers

    Which cognitive bias could result in an individual's decisions being disproportionately influenced by initial information?

    <p>Anchoring effect</p> Signup and view all the answers

    Which cognitive bias primarily affects how people process new information by filtering it through existing beliefs?

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

    Study Notes

    Anchoring Bias

    • Individuals tend to rely heavily on the first piece of information they encounter, even if it is irrelevant, when making decisions.
    • This initial piece of information acts as an "anchor," influencing subsequent judgments.

    Confirmation Bias

    • Individuals tend to favor information that confirms their existing beliefs, even if the information is inaccurate or incomplete.
    • This bias leads to selective attention, interpretation, and recall of information, reinforcing pre-existing views.

    Availability Heuristic

    • Individuals judge the probability of an event based on how easily examples come to mind.
    • The easier it is to recall instances of something, the more likely we perceive it to be.

    Representativeness Heuristic

    • Individuals evaluate the probability of an event based on how similar it is to a prototype they have in mind.
    • This can lead to inaccurate judgments, as it ignores base rates and statistical information.

    Anchoring Effect

    • The anchoring effect can lead individuals to make biased estimates and judgments.
    • This bias occurs when individuals are influenced by an initial piece of information, even if it is irrelevant or inaccurate.

    Anchoring Bias

    • People tend to rely heavily on the first piece of information they encounter, known as the anchor, when making decisions.
    • The anchor can significantly influence subsequent judgments, even if it's irrelevant or unreliable.

    Confirmation Bias

    • Confirmation bias causes people to favor information that confirms their existing beliefs.
    • People tend to seek out, interpret, and recall information that aligns with their preconceptions.

    Availability Heuristic

    • Individuals often judge the probability of an event based on the ease with which they can recall examples or instances of it.
    • Events that are easily recalled or highly memorable are perceived as more likely to occur.

    Representativeness Heuristic

    • Individuals evaluate the probability of an event based on how similar it is to a prototype or stereotype they have in mind.
    • People tend to overestimate the likelihood of an event if it matches their mental representation, even if there's statistically less evidence for it.

    Anchoring Effect

    • The anchoring effect can lead to individuals making decisions that are heavily influenced by the initial piece of information they encounter.
    • This initial information can act as an anchor that biases subsequent judgments, even if there's no strong logical connection.

    Recency Bias

    • Recency bias can influence a person's perception of risk based on recent events they have encountered.
    • The most recent events or experiences tend to weigh more heavily in decision-making, potentially overshadowing less recent but perhaps more relevant information.

    Confirmation Bias

    • Confirmation bias can lead individuals to disregard contradictory evidence in decision-making.
    • People tend to discount or dismiss information that challenges their existing beliefs, focusing instead on evidence that supports their views.

    Similarity Heuristic

    • The similarity heuristic could lead someone to make judgments about a situation based on superficial similarities to past experiences.
    • This heuristic relies on analogies and comparisons to past events, even if those events have limited relevance to the current situation.

    Anchoring Bias

    • Anchoring bias could result in an individual's decisions being disproportionately influenced by initial information.
    • The initial information serves as an anchor that biases subsequent judgments, often leading to overly conservative or overly optimistic estimates.

    Confirmation Bias

    • Confirmation bias primarily affects how people process new information by filtering it through existing beliefs.
    • It leads to selective attention, recall, and interpretation of information, favoring evidence that confirms existing beliefs and downplaying or disregarding contradictory information.

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    Description

    Explore the various cognitive biases that influence our decision-making processes, including anchoring bias, confirmation bias, availability heuristic, and representativeness heuristic. Understand how these biases impact our judgments and perceptions in everyday life.

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