Podcast
Questions and Answers
Which brain system is responsible for quick, instinctive reactions to everyday situations?
Which brain system is responsible for quick, instinctive reactions to everyday situations?
- System 1 (correct)
- System B
- System A
- System 2
Which brain system relies on heuristics and shortcuts to make rapid judgments and decisions?
Which brain system relies on heuristics and shortcuts to make rapid judgments and decisions?
- System 2
- System A
- System B
- System 1 (correct)
Which brain system is responsible for more complex reasoning, problem-solving, and decision-making?
Which brain system is responsible for more complex reasoning, problem-solving, and decision-making?
- System 1
- System A
- System B
- System 2 (correct)
Which brain system functions automatically and out of our awareness, often called 'intuition' or a 'gut feeling'?
Which brain system functions automatically and out of our awareness, often called 'intuition' or a 'gut feeling'?
What is intuition often linked to?
What is intuition often linked to?
Advocates of 'intuitive management' suggest trusting hunches and non-logical, right-brain thinking for which of the following?
Advocates of 'intuitive management' suggest trusting hunches and non-logical, right-brain thinking for which of the following?
What can unconscious processing occur without?
What can unconscious processing occur without?
What can subliminal stimuli influence?
What can subliminal stimuli influence?
What can illusory intuition and overconfidence lead to?
What can illusory intuition and overconfidence lead to?
What is overconfidence?
What is overconfidence?
What can fuel overconfidence?
What can fuel overconfidence?
What did Kahneman and Tversky illustrate overconfidence by asking people to provide ranges for?
What did Kahneman and Tversky illustrate overconfidence by asking people to provide ranges for?
What do people often neglect when predicting future behavior?
What do people often neglect when predicting future behavior?
What can overconfidence have significant consequences in?
What can overconfidence have significant consequences in?
What is the goal of consciousness training?
What is the goal of consciousness training?
What is subliminal priming?
What is subliminal priming?
How can imperceptible stimuli prime behavior?
How can imperceptible stimuli prime behavior?
What is an example of how everyday experiences and moods can prime perceptions and behaviors?
What is an example of how everyday experiences and moods can prime perceptions and behaviors?
What operates automatically and is driven by processes outside conscious awareness?
What operates automatically and is driven by processes outside conscious awareness?
How do physical sensations influence social judgments and attitudes?
How do physical sensations influence social judgments and attitudes?
What can synchronization of bodily movements lead to?
What can synchronization of bodily movements lead to?
What can intuitive thinking be powerful and efficient in, but may lead to illusions and misinterpretations?
What can intuitive thinking be powerful and efficient in, but may lead to illusions and misinterpretations?
What does priming involve?
What does priming involve?
What is the aim of consciousness training?
What is the aim of consciousness training?
How does social cognition operate?
How does social cognition operate?
What is the activation of mental associations that shape thoughts and behaviors often occurring unconsciously?
What is the activation of mental associations that shape thoughts and behaviors often occurring unconsciously?
What tends to happen to confidence as the moment of truth approaches?
What tends to happen to confidence as the moment of truth approaches?
How are overconfident individuals often perceived in social contexts?
How are overconfident individuals often perceived in social contexts?
What is the impact of overconfidence in various aspects of life?
What is the impact of overconfidence in various aspects of life?
What is confirmation bias?
What is confirmation bias?
What can mitigate the effects of confirmation bias?
What can mitigate the effects of confirmation bias?
What consistently outperforms intuitive judgments?
What consistently outperforms intuitive judgments?
What do decision-makers often trust more than statistical data?
What do decision-makers often trust more than statistical data?
What do mutual fund portfolios selected by investment analysts perform about as well as?
What do mutual fund portfolios selected by investment analysts perform about as well as?
In one study, what happened to overconfident students who thought they were more accurate than they actually were?
In one study, what happened to overconfident students who thought they were more accurate than they actually were?
What is the impact of confirmation bias on self-images?
What is the impact of confirmation bias on self-images?
What is the tendency of people towards highly confident individuals?
What is the tendency of people towards highly confident individuals?
What is the impact of confirmation bias on choices of social connections and information sources?
What is the impact of confirmation bias on choices of social connections and information sources?
What is the main reason for the unreliability of graduate admissions interviews compared to standardized variables like GPA and aptitude test scores?
What is the main reason for the unreliability of graduate admissions interviews compared to standardized variables like GPA and aptitude test scores?
What can lead to unwavering and dogmatic statements?
What can lead to unwavering and dogmatic statements?
How can overconfidence be reduced?
How can overconfidence be reduced?
What can managers and decision-makers do to foster realistic judgments?
What can managers and decision-makers do to foster realistic judgments?
What are heuristics primarily used for?
What are heuristics primarily used for?
What does the representativeness heuristic involve?
What does the representativeness heuristic involve?
What is the conjunction fallacy?
What is the conjunction fallacy?
What does the availability heuristic lead us to judge the likelihood of an event based on?
What does the availability heuristic lead us to judge the likelihood of an event based on?
How can the availability heuristic influence perceived risk?
How can the availability heuristic influence perceived risk?
What is an example of the availability heuristic influencing perception?
What is an example of the availability heuristic influencing perception?
What does the availability heuristic lead people to focus on in decision-making?
What does the availability heuristic lead people to focus on in decision-making?
How can the availability heuristic influence the assessment of likelihood and risk?
How can the availability heuristic influence the assessment of likelihood and risk?
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Study Notes
Cognitive Biases and Decision Making
- Studies have explored combining statistical prediction with expert intuition to improve predictions, but ignoring expert "improvements" tends to result in better predictions.
- Graduate admissions interviews may not be as reliable as standardized variables like GPA and aptitude test scores, and relying on intuition over statistical prediction is considered unethical.
- Overconfidence can lead to unwavering and dogmatic statements, and it's important to maintain a balance between self-confidence and realistic judgment.
- Techniques for reducing overconfidence include prompt feedback and considering disconfirming information to make more realistic assessments.
- Managers and decision-makers can foster realistic judgments by requiring proposals and recommendations to include reasons why they might not work.
- Heuristics are mental shortcuts used for quick thinking, and they help form impressions, make judgments, and create explanations quickly.
- The representativeness heuristic involves making judgments based on how closely something matches our mental representation of a category and can lead to errors when the base rate is not considered.
- People often mistakenly believe that the conjunction of two events is more likely than either event occurring individually, known as the conjunction fallacy.
- The availability heuristic leads us to judge the likelihood of an event based on how easily examples related to that event come to mind and can lead to biases and inaccuracies in our assessments of likelihood and risk.
- Examples of the availability heuristic include media coverage influencing perception and overestimation of certain groups due to vividness and memorability of information.
- The availability heuristic can lead to biases in decision-making as people tend to focus on vivid, easy-to-imagine events and may underestimate the likelihood of less memorable events.
- It can also influence perceived risk, as people may overestimate the likelihood of certain events due to their availability in memory.
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