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Questions and Answers
Which cognitive bias involves relying too heavily on the first piece of information encountered when making decisions?
What cognitive bias leads individuals to favor information that confirms their existing beliefs?
Which heuristic might cause someone to judge the probability of an event based on how easily examples come to mind?
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?
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What is the primary effect of the anchoring effect in decision-making?
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Which cognitive bias can influence a person's perception of risk based on recent events they have encountered?
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In decision-making, which cognitive bias may lead an individual to disregard contradictory evidence?
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Which heuristic could lead someone to make judgments about a situation based on superficial similarities to past experiences?
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Which cognitive bias could result in an individual's decisions being disproportionately influenced by initial information?
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Which cognitive bias primarily affects how people process new information by filtering it through existing beliefs?
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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.
