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Decision Making: Anchors in Real Estate

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Questions and Answers

What is the primary mistake in stereotyping?

Not saving energy in decision making

Not considering in-group members

Categorizing people incorrectly

Overgeneralizing and not representing everyone in the category (correct)

What is the tendency to judge the frequency or likelihood of an event by the ease with which relevant instances come to mind?

Anchoring bias

Stereotyping

Availability heuristic (correct)

Representativeness heuristic

What is the result of judging the frequency or likelihood of an event by the extent to which it resembles the 'typical' case?

Anchoring bias

Representativeness heuristic (correct)

Regression to the mean

Availability heuristic

What is the error in judgment that occurs when we assume that an unusual event will be followed by a more typical event?

Regression to the mean Signup and view all the answers

What is the process of assigning traits to people based on their membership in a social category?

Stereotyping Signup and view all the answers

What is the function of categorical thinking in stereotyping?

To save energy and simplify our understanding Signup and view all the answers

What is the basis of systemic and intentional discrimination?

Stereotyping Signup and view all the answers

What is the primary error in the representativeness heuristic?

Overgeneralizing and not considering regression to the mean Signup and view all the answers

What is the purpose of categorizing people in stereotyping?

To identify in-group and out-group members Signup and view all the answers

What is the result of heuristic thinking in decision making?

Can lead to errors in judgment and decision making Signup and view all the answers