Induction and Confirmation Bias Quiz

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?

People value losing more than gaining the same amount (B) Signup and view all the answers

What is the THM in relation to losing?

People hate to lose (D) Signup and view all the answers

What does avoiding loss mean in a gain frame?

Choosing the sure thing (D) Signup and view all the answers

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

It's worth the gamble because it means you might not lose (C) Signup and view all the answers

What is preferred in a gain frame?

A sure gain (D) Signup and view all the answers

What is preferred in a loss frame?

A sure loss (A) Signup and view all the answers

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

Choose the option that maximizes expected utility (A) Signup and view all the answers

What is confirmation bias?

Being more responsive to evidence that confirms one's beliefs (A) Signup and view all the answers

What is the problem with induction?

It is only guaranteed if all possible instances have been experienced (D) Signup and view all the answers

What is the framing effect?

The tendency to be influenced by how information is presented (B) Signup and view all the answers

What is Prospect Theory?

The theory that people are risk averse when it comes to losses (B) Signup and view all the answers

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

$5 (B) Signup and view all the answers

What is the difference between positive and negative framing?

Positive framing is when information is presented in terms of gains, while negative framing is when information is presented in terms of losses (D) Signup and view all the answers

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

Deductive reasoning (C) Signup and view all the answers

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

Inductive reasoning (A) Signup and view all the answers

What is a syllogism?

A logical argument that consists of two premises followed by a conclusion (B) Signup and view all the answers

What is belief bias?

The tendency to accept invalid conclusions if they are believable (A) Signup and view all the answers

What is the format of a conditional statement?

If x, then y (B) Signup and view all the answers

What is the difference between deductive and inductive reasoning?

Deductive reasoning is guaranteed to be correct, while inductive reasoning is not (D) 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?

Antecedent (C) Signup and view all the answers

What is the Modus Ponens rule of logic?

If the antecedent holds, then the consequent may be inferred (D) Signup and view all the answers

What is the error in logic of Affirming the Consequent?

Assuming that if Q, then P is true (A) Signup and view all the answers

What is the Modus Tollens rule of logic?

If the consequent does not hold, then the negative of the antecedent can be inferred (B) Signup and view all the answers

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

If A, then B. Not B, therefore, not A (C) Signup and view all the answers

What is the Wason 4-card selection task?

A test of deductive reasoning where you choose a card based on a proposed rule (C) Signup and view all the answers

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

If there is a G on the side of the card, there is a 3 on the other side (C) Signup and view all the answers

What is induction?

Forming generalizations based on specific incidents, observations, or facts (C) Signup and view all the answers