Induction and Confirmation Bias Quiz
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Questions and Answers

According to Prospect Theory, how do people make decisions?

  • Based on their intuition
  • Based on their emotions
  • Based on potential gain or losses relative to their specific situation (correct)
  • Based on absolute terms

    • What is the impact of losses compared to gains according to Prospect Theory?

  • Gains have a bigger impact than losses
  • It depends on the reference point
  • Losses have a bigger impact than gains (correct)
  • Losses and gains have the same impact

    • Are people generally more loss averse or gain averse?

  • Gain averse
  • Neither
  • Loss averse (correct)
  • It depends on the situation

    • What is the point of Prospect Theory regarding losing and gaining the same amount?

    <p>People value losing more than gaining the same amount</p> Signup and view all the answers

    What is the THM in relation to losing?

    <p>People hate to lose</p> Signup and view all the answers

    What does avoiding loss mean in a gain frame?

    <p>Choosing the sure thing</p> Signup and view all the answers

    What does taking a risk to gain money mean in a loss frame?

    <p>It's worth the gamble because it means you might not lose</p> Signup and view all the answers

    What is preferred in a gain frame?

    <p>A sure gain</p> Signup and view all the answers

    What is preferred in a loss frame?

    <p>A sure loss</p> Signup and view all the answers

    According to Expected Utility Theory, what should a rational person do when making a decision?

    <p>Choose the option that maximizes expected utility</p> Signup and view all the answers

    What is confirmation bias?

    <p>Being more responsive to evidence that confirms one's beliefs</p> Signup and view all the answers

    What is the problem with induction?

    <p>It is only guaranteed if all possible instances have been experienced</p> Signup and view all the answers

    What is the framing effect?

    <p>The tendency to be influenced by how information is presented</p> Signup and view all the answers

    What is Prospect Theory?

    <p>The theory that people are risk averse when it comes to losses</p> Signup and view all the answers

    What is the expected value of a gamble with a 1/20 chance of winning $100?

    <p>$5</p> Signup and view all the answers

    What is the difference between positive and negative framing?

    <p>Positive framing is when information is presented in terms of gains, while negative framing is when information is presented in terms of losses</p> Signup and view all the answers

    Which type of reasoning is guaranteed to be correct if the rules of logic are followed?

    <p>Deductive reasoning</p> Signup and view all the answers

    What is the term for reasoning that constructs or evaluates general propositions that are derived from specific examples?

    <p>Inductive reasoning</p> Signup and view all the answers

    What is a syllogism?

    <p>A logical argument that consists of two premises followed by a conclusion</p> Signup and view all the answers

    What is belief bias?

    <p>The tendency to accept invalid conclusions if they are believable</p> Signup and view all the answers

    What is the format of a conditional statement?

    <p>If x, then y</p> Signup and view all the answers

    What is the difference between deductive and inductive reasoning?

    <p>Deductive reasoning is guaranteed to be correct, while inductive reasoning is not</p> Signup and view all the answers

    What is the term for the first part of a conditional statement that provides a condition under which the second part is guaranteed to be true?

    <p>Antecedent</p> Signup and view all the answers

    What is the Modus Ponens rule of logic?

    <p>If the antecedent holds, then the consequent may be inferred</p> Signup and view all the answers

    What is the error in logic of Affirming the Consequent?

    <p>Assuming that if Q, then P is true</p> Signup and view all the answers

    What is the Modus Tollens rule of logic?

    <p>If the consequent does not hold, then the negative of the antecedent can be inferred</p> Signup and view all the answers

    What is the directionality of the inference in negative Modus Tollens?

    <p>If A, then B. Not B, therefore, not A</p> Signup and view all the answers

    What is the Wason 4-card selection task?

    <p>A test of deductive reasoning where you choose a card based on a proposed rule</p> Signup and view all the answers

    What is the proposed rule in the Wason 4-card selection task?

    <p>If there is a G on the side of the card, there is a 3 on the other side</p> Signup and view all the answers

    What is induction?

    <p>Forming generalizations based on specific incidents, observations, or facts</p> Signup and view all the answers

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