Podcast
Questions and Answers
Which bias involves focusing on immediate rewards rather than long-term outcomes?
Which bias involves focusing on immediate rewards rather than long-term outcomes?
What is the effect of the Anchoring Effect on decision-making?
What is the effect of the Anchoring Effect on decision-making?
What does Selective Perception Bias primarily involve?
What does Selective Perception Bias primarily involve?
Which bias involves seeking information that supports previous decisions while dismissing contrary evidence?
Which bias involves seeking information that supports previous decisions while dismissing contrary evidence?
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What does the Hindsight Bias teach us about past events?
What does the Hindsight Bias teach us about past events?
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Which bias leads decision-makers to give undue importance to recent experiences?
Which bias leads decision-makers to give undue importance to recent experiences?
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What characterizes the Sunk Costs Error in decision-making?
What characterizes the Sunk Costs Error in decision-making?
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What is the primary impact of the Self-Serving Bias?
What is the primary impact of the Self-Serving Bias?
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Study Notes
Decision-Making Errors and Biases
- Heuristics: Using simplified rules of thumb to make decisions.
- Overconfidence Bias: Having overly positive self-assessments regarding one's abilities and performance.
- Immediate Gratification Bias: Prioritizing immediate rewards and avoiding immediate costs.
- Anchoring Effect: Focusing excessively on initial information, potentially disregarding later information.
- Selective Perception Bias: Interpreting events based on pre-existing biases and perceptions.
- Confirmation Bias: Seeking information that confirms existing choices, ignoring contradictory evidence.
- Framing Bias: Focusing on certain aspects of a situation while neglecting others, influenced by presentation.
- Availability Bias: Allowing recent or memorable events to unduly influence decisions.
- Representation Bias: Drawing inaccurate parallels and seeing identical situations where they don't exist.
- Randomness Bias: Creating false meaning from random occurrences.
- Sunk Cost Errors: Failing to recognize that past investments shouldn't affect current decisions, focusing only on future outcomes.
- Self-Serving Bias: Taking credit for successes while blaming external factors for failures.
- Hindsight Bias: Believing an event was predictable after knowing the outcome.
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Description
This quiz explores various decision-making errors and biases that affect our judgment. You'll learn about heuristics, overconfidence, and different types of biases such as confirmation and framing bias. Test your understanding of how these factors can alter our decisions in everyday situations.
