Psychological Biases and Decision-Making Quiz

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Questions and Answers

What is the main characteristic of thinking fast (System 1)?

  • It operates slowly with more effort
  • It requires deliberate control
  • It involves careful consideration of complex factors
  • It operates quickly with little effort (correct)

What is the impact of heuristics in decision making?

  • Increases the need for deliberate control
  • Involves slow and effortful decision making
  • Leads to careful consideration of complex factors
  • Allows us to make decisions quickly and efficiently (correct)

How do base rate frequencies (prior probabilities) influence judgments?

  • They bias us to ignore objective information
  • They are irrelevant to decision making
  • They lead to careful consideration of complex factors
  • They reflect the state of the world and how often an event actually occurs (correct)

What is the characteristic of irrational behavior?

<p>Subjective and emotional (B)</p> Signup and view all the answers

What is the characteristic of thinking fast (System 1) decision making?

<p>Operates quickly with little effort (A)</p> Signup and view all the answers

What is the impact of heuristics in decision making?

<p>Allows us to make decisions quickly and efficiently (B)</p> Signup and view all the answers

What is the main characteristic of irrational behavior?

<p>Subjective and emotional (A)</p> Signup and view all the answers

How does insensitivity to prior probabilities and representativeness affect judgments?

<p>Influences judgments by similarity to preconceptions (B)</p> Signup and view all the answers

What do base rate frequencies (prior probabilities) reflect?

<p>Probabilities that reflect how often an event or situation actually occurs (C)</p> Signup and view all the answers

In decision making, when do we think slowly according to the text?

<p>When making decisions that require careful consideration of complex factors (D)</p> Signup and view all the answers

What is the characteristic of thinking slow (System 2) decision making?

<p>Operates more slowly with more effort (A)</p> Signup and view all the answers

How do System 1 biases and irrelevant information affect decision making?

<p>Often sway quick judgments (A)</p> Signup and view all the answers

What is the characteristic of psychological bias according to the text?

<p>Psychological factors affect decision making (A)</p> Signup and view all the answers

What does 'predictably irrational' refer to according to the text?

<p>Our errors are systematic and reliable (A)</p> Signup and view all the answers

System 1 decision making operates slowly, with more effort and more deliberate control

<p>False (B)</p> Signup and view all the answers

Heuristics are mental shortcuts we take as part of thinking fast (System 1)

<p>True (A)</p> Signup and view all the answers

Irrational behavior is objective and rational

<p>False (B)</p> Signup and view all the answers

Thinking fast allows us to make decisions quickly and efficiently

<p>True (A)</p> Signup and view all the answers

Insensitivity to prior probabilities and representativeness does not affect judgments

<p>False (B)</p> Signup and view all the answers

Base rate frequencies reflect the state of the world and how often an event or situation actually occurs

<p>True (A)</p> Signup and view all the answers

System 2 decision making operates quickly, with little effort and less control

<p>False (B)</p> Signup and view all the answers

Predictably irrational refers to errors that are systematic and reliable

<p>True (A)</p> Signup and view all the answers

System 1 biases and irrelevant information often sway our quick judgments

<p>True (A)</p> Signup and view all the answers

Irrational behavior is subjective and emotional

<p>True (A)</p> Signup and view all the answers

Match the following decision-making systems with their characteristics:

<p>Thinking fast (System 1) = Operates quickly, with little effort and less control Thinking slow (System 2) = Operates more slowly, with more effort and more deliberate control Heuristics = Mental shortcuts we take as part of thinking fast (System 1) Insensitivity to Prior Probabilities and Representativeness = Influences judgments by similarity to a preconception</p> Signup and view all the answers

Match the following types of behavior with their characteristics:

<p>Rational behavior = Objective and rational Irrational behavior = Subjective and emotional System 1 biases and irrelevant information = Sway our quick judgments System 2 decision making = Operates slowly, with more effort and more deliberate control</p> Signup and view all the answers

Match the following psychological concepts with their impact on decision making:

<p>Predictably irrational = Refers to errors that are systematic and reliable Insensitivity to Prior Probabilities and Representativeness = Can lead to errors and bias us to ignore other information Heuristics = Allows us to make decisions quickly and efficiently Psychological bias = Affects our decision making based on psychological factors</p> Signup and view all the answers

Match the following concepts with their influence on judgments:

<p>Base rate frequencies (prior probabilities) = Reflect the state of the world and how often an event or situation actually occurs Insensitivity to Prior Probabilities and Representativeness = Biases judgments by similarity to a preconception Heuristics = Mental shortcuts that affect quick decisions System 1 biases and irrelevant information = Sway our quick judgments</p> Signup and view all the answers

Thinking ______ (or System 1) refers to decision making that operates quickly, with little effort and less control

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

Thinking ______ (or System 2) refers to decision making that operates more ______ly, with more effort and more deliberate control

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

System 1 allows us to make decisions quickly and efficiently. But System 1 biases and irrelevant information often sway our quick judgments

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

In decision making, we think slowly when we are making decisions that require careful consideration of complex factors

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

Many judgments require us to estimate the probability that someone or something belongs to a certain category. Judgments are influenced by similarity to a preconception

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

Base rate frequencies, or prior , are ______ that reflect the state of the world( that reflect how often an event or situation actually occurs)

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

Insensitivity to prior probabilities and representativeness can lead to errors, biasing us to ______ other information that may be more objective or accurate

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

Predictably irrational refers to our ______ that are systematic and reliable

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

Irrational behavior is ______ and emotional. Rational behavior is objective and rational

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

Psychological bias occurs when psychological ______ affect our decision making

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

What are the main characteristics of thinking fast (System 1) and thinking slow (System 2) decision making?

<p>System 1 refers to decision making that operates quickly, with little effort and less control. System 2 refers to decision making that operates more slowly, with more effort and more deliberate control.</p> Signup and view all the answers

How do heuristics impact decision making?

<p>Heuristics are mental shortcuts we take as part of thinking fast (System 1), allowing us to make decisions quickly and efficiently. However, they can also lead to biases and irrelevant information that sway our quick judgments.</p> Signup and view all the answers

What is the influence of insensitivity to prior probabilities and representativeness on judgments?

<p>Insensitivity to prior probabilities and representativeness can lead to errors, biasing us to ignore other information that may be more objective or accurate.</p> Signup and view all the answers

What is the impact of base rate frequencies (prior probabilities) on judgments?

<p>Base rate frequencies reflect the state of the world and how often an event or situation actually occurs. They influence judgments by providing a probability that someone or something belongs to a certain category.</p> Signup and view all the answers

What is the characteristic of irrational behavior according to the text?

<p>Irrational behavior is subjective and emotional, in contrast to rational behavior, which is objective and rational.</p> Signup and view all the answers

How do System 1 biases and irrelevant information affect decision making?

<p>System 1 biases and irrelevant information often sway our quick judgments, leading to errors and subjective influences on decision making.</p> Signup and view all the answers

When do we think slowly in decision making according to the text?

<p>We think slowly when making decisions that require careful consideration of complex factors, where more effort and deliberate control are needed.</p> Signup and view all the answers

What does 'predictably irrational' refer to according to the text?

<p>'Predictably irrational' refers to our errors in decision making that are systematic and reliable.</p> Signup and view all the answers

What is the characteristic of psychological bias based on the text?

<p>Psychological bias occurs when psychological factors affect our decision making, leading to subjective influences on judgments.</p> Signup and view all the answers

How do thinking fast (System 1) and thinking slow (System 2) complement each other depending on the situation?

<p>We think fast (System 1) to make quick decisions that don’t require a lot of analysis, and we think slowly (System 2) when making decisions that require careful consideration of complex factors.</p> Signup and view all the answers

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