Podcast
Questions and Answers
What does the overconfidence bias primarily involve?
What does the overconfidence bias primarily involve?
Which bias involves focusing on the most recent events to make decisions?
Which bias involves focusing on the most recent events to make decisions?
What is the primary characteristic of the confirmation bias?
What is the primary characteristic of the confirmation bias?
How does the framing bias affect decision making?
How does the framing bias affect decision making?
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Which of the following biases can lead to significant errors in evaluating past decisions?
Which of the following biases can lead to significant errors in evaluating past decisions?
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What does the sunk cost error pertain to in decision making?
What does the sunk cost error pertain to in decision making?
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Which bias involves creating meaning from random events without substantial evidence?
Which bias involves creating meaning from random events without substantial evidence?
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What is the effect of the self-serving bias in an individual's assessments of their actions?
What is the effect of the self-serving bias in an individual's assessments of their actions?
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What is primarily involved in the representation bias?
What is primarily involved in the representation bias?
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Which bias is characterized by focusing on information that supports previous decisions?
Which bias is characterized by focusing on information that supports previous decisions?
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What does the availability bias primarily influence in decision making?
What does the availability bias primarily influence in decision making?
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Which bias results in mistakenly believing that an event was predictable after its outcome is known?
Which bias results in mistakenly believing that an event was predictable after its outcome is known?
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Which of the following biases involves the behavior of discounting unfavorable circumstances when evaluating performance?
Which of the following biases involves the behavior of discounting unfavorable circumstances when evaluating performance?
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What is the main consequence of the anchoring effect in decision-making?
What is the main consequence of the anchoring effect in decision-making?
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What is a primary characteristic of the immediate gratification bias?
What is a primary characteristic of the immediate gratification bias?
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Which bias involves interpreting situations according to what one already believes or expects?
Which bias involves interpreting situations according to what one already believes or expects?
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Study Notes
Decision-Making Errors and Biases
- Heuristics: Using simplified rules of thumb to make decisions.
- Overconfidence Bias: Holding unrealistically positive views of oneself and one's performance.
- Immediate Gratification Bias: Choosing alternatives that offer immediate rewards and avoiding immediate costs.
- Anchoring Effect: Fixating on initial information and ignoring subsequent information.
- Selective Perception Bias: Selecting, organizing, and interpreting events based on the decision-maker's biased perceptions.
- Confirmation Bias: Seeking out information that reaffirms past choices and discounting contradictory information.
- Framing Bias: Selecting and highlighting certain aspects of a situation while ignoring other aspects.
- Availability Bias: Losing decision-making objectivity by focusing on the most recent events.
- Representativeness Bias: Drawing analogies and seeing identical situations when none exist.
- Randomness Bias: Creating unfounded meaning out of random events.
- Sunk Costs Error: Forgetting that current actions cannot influence past events and relate only to future consequences.
- Self-Serving Bias: Taking quick credit for successes and blaming outside factors for failures.
- Hindsight Bias: Mistakenly believing that an event could have been predicted once the actual outcome is known (after-the-fact).
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Description
Explore the various decision-making errors and biases that can affect our choices. This quiz covers key concepts such as heuristics, overconfidence bias, and more, helping you understand how these influences shape our decisions. Test your knowledge and improve your critical thinking skills.
