Podcast
Questions and Answers
What is escalation of commitment primarily characterized by?
What is escalation of commitment primarily characterized by?
Self-justification theory supports the rationality paradigm by emphasizing objective assessments.
Self-justification theory supports the rationality paradigm by emphasizing objective assessments.
False
What is the primary psychological cause behind escalation of commitment?
What is the primary psychological cause behind escalation of commitment?
Cognitive biases
The ______ occurs when decision makers focus on past investments rather than potential future benefits.
The ______ occurs when decision makers focus on past investments rather than potential future benefits.
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What psychological barrier often leads decision makers to continue investing in failing projects?
What psychological barrier often leads decision makers to continue investing in failing projects?
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Match the following terms with their definitions:
Match the following terms with their definitions:
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Overconfidence in decision-making is a rational behavior that leads to successful project outcomes.
Overconfidence in decision-making is a rational behavior that leads to successful project outcomes.
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Which type of rationality focuses on justifying past decisions?
Which type of rationality focuses on justifying past decisions?
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What is the term for the belief that success is imminent, often leading to poor project decisions?
What is the term for the belief that success is imminent, often leading to poor project decisions?
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Anticipated regret is an emotional trigger that influences decision making by looking __________.
Anticipated regret is an emotional trigger that influences decision making by looking __________.
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Prospective rationality prioritizes future utility over sunk costs.
Prospective rationality prioritizes future utility over sunk costs.
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Match the following concepts with their definitions:
Match the following concepts with their definitions:
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Name one cognitive bias that contributes to poor decision making.
Name one cognitive bias that contributes to poor decision making.
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Which of the following factors is NOT associated with escalation of commitment?
Which of the following factors is NOT associated with escalation of commitment?
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The illusion of control can make decision makers underestimate risks associated with their actions.
The illusion of control can make decision makers underestimate risks associated with their actions.
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What psychological discomfort arises from negative feedback about a chosen alternative?
What psychological discomfort arises from negative feedback about a chosen alternative?
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What is the primary reason individuals escalate commitment to a failing project?
What is the primary reason individuals escalate commitment to a failing project?
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Retrospective rationality involves justifying past decisions even when they contradict current optimal choices.
Retrospective rationality involves justifying past decisions even when they contradict current optimal choices.
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What is the term used to describe the psychological need to mitigate discomfort from cognitive dissonance?
What is the term used to describe the psychological need to mitigate discomfort from cognitive dissonance?
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In prospect theory, individuals often display risk-aversion in domains of _____, which can lead to premature abandonment of projects.
In prospect theory, individuals often display risk-aversion in domains of _____, which can lead to premature abandonment of projects.
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Which of the following concepts explains how decision-making can deviate from rationality due to past investments?
Which of the following concepts explains how decision-making can deviate from rationality due to past investments?
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What effect can the framing of information have on decision-making?
What effect can the framing of information have on decision-making?
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Individuals act rationally when they prioritize future utility over emotional biases.
Individuals act rationally when they prioritize future utility over emotional biases.
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Study Notes
Psychology Approaches to Decision Making - Exam Notes
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General Notes:
- Understand key theories and authors related to each topic.
- Review recent articles by the authors.
- Avoid simply repeating lecture content. Instead, show how ideas link.
- Use an asterisk system (*, **, etc.) to mark additional notes.
- Utilize seminar questions for revision and testing.
Plan for Study
- Revise the key topics.
- Review articles by the authors.
- Watch lecture recordings and carefully review the topics discussed.
- Take handwritten notes to summarize each topic.
- Check seminar content and activities.
- Review learning objectives for each topic.
- Create an introduction to each topic, including key terms and definitions.
- Read relevant book chapters.
- Ask ChatGPT to generate flashcards, potential questions, and answers, on each topic.
- Create detailed handwritten notes for each topic covering key authors and related thinkers.
- Create lists/tables of theories, authors, terms, and essay structure (e.g., EoC).
- Review your notes using summaries of major points.
- Create a concise summary and print, for quick reference.
Exam Topics
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Decision Making Theories and Judgement:
- Week 1, 2, 3 and 4
- Theories that explain poor judgement and decision making.
- Rationality
- Heuristics and biases
- Illusion of control
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Description
This quiz explores the psychological factors influencing decision-making, particularly the escalation of commitment. It examines concepts like self-justification, anticipated regret, and cognitive biases. Test your knowledge on how these elements affect rationality in choices.
