16. Judgment and Decision Making

Question 1

The bias to be affected by an initial anchor, even if the anchor is arbitrary, and to insufficiently adjust our judgments away from that anchor

Answer 1

Anchoring

Question 2

The systematic and predictable mistakes that influence the judgment of even very talented human beings

Answer 2

Biases

Question 3

The systematic ways in which we fail to notice obvious and important information that is available to us

Answer 3

Bounded Awareness

Question 4

The systematic ways in which our ethics are limited in ways we are not even aware of ourselves

Answer 4

Bounded Ethicality

Question 5

Model of human behavior that suggests that humans try to make rational decisions but are bounded due to cognitive limitations

Answer 5

Bounded rationality

Question 6

The systematic and predictable ways in which we care about the outcomes of others

Answer 6

Bounded Self-interest

Question 7

The tendency to place greated weight on present concerns rather than future concerns

Answer 7

Bounded willpower

Question 8

The bias to be systematically affected by the way in which information is presented, bhile holding the objective information constant

Answer 8

Framing

Question 9

Cognitive (or thinking) strategies that simplify decision making by using mental short-cuts

Answer 9

Heuristics

Question 10

The bias to have greater confidence in your judgment than is warranted based on a rational assessment

Answer 10

Overconfident

Question 11

Our intuiotion decision-making system, which is typically fast, automatic, effortless, implicit, and emotional

Answer 11

System 1

Question 12

Our more deliberative decision-making, which is slower, conscious, effortful, explicit, and logical

Answer 12

System 2