Bend Reality!? Flashcards
What are cognitive biases?
Cognitive biases are systematic patterns of deviation from norm or rationality in judgment.
True or False: Cognitive biases can influence decision-making.
True
What is the anchoring bias?
The anchoring bias is the tendency to rely heavily on the first piece of information encountered when making decisions.
Fill in the blank: The _____ bias leads individuals to favor information that confirms their existing beliefs.
confirmation
How can the availability heuristic affect negotiations?
It can cause individuals to overestimate the importance of information that is readily available to them.
What is the framing effect?
The framing effect is when people react differently depending on how information is presented.
Multiple Choice: Which of the following is NOT a cognitive bias? A) Hindsight bias B) Sunk cost fallacy C) Logical fallacy D) Anchoring bias
C) Logical fallacy
True or False: The bandwagon effect leads people to adopt beliefs based on what others believe.
True
What is the Dunning-Kruger effect?
The Dunning-Kruger effect is a cognitive bias wherein individuals with low ability at a task overestimate their ability.
Fill in the blank: The _____ bias makes individuals believe they are better than average at tasks.
overconfidence
How can the loss aversion bias be leveraged in negotiations?
By framing options in terms of potential losses rather than gains to motivate the other party.
What is the status quo bias?
The status quo bias is the preference for the current state of affairs and resistance to change.
Multiple Choice: Which bias involves underestimating the time needed to complete a task? A) Planning fallacy B) Confirmation bias C) Anchoring bias D) Framing effect
A) Planning fallacy
True or False: Cognitive biases are only relevant in personal decision-making.
False
What is the self-serving bias?
The self-serving bias is the tendency to attribute positive events to one’s own abilities and negative events to external factors.
Fill in the blank: The _____ effect describes the tendency for people to rate themselves higher than others.
above-average
How can the sunk cost fallacy be detrimental in negotiations?
It can lead individuals to continue investing in a losing proposition due to prior investments.
What is the illusion of control?
The illusion of control is the tendency for people to believe they can control or influence outcomes that they clearly cannot.
Multiple Choice: Which bias might lead to making decisions based on recent events rather than all relevant information? A) Availability heuristic B) Confirmation bias C) Anchoring bias D) Hindsight bias
A) Availability heuristic
True or False: Cognitive biases can be completely eliminated from decision-making.
False
What is the optimism bias?
The optimism bias is the belief that negative events are less likely to happen to oneself compared to others.
Fill in the blank: The _____ bias can result in ignoring statistical information in favor of anecdotal evidence.
representativeness
How can the confirmation bias be countered in discussions?
By actively seeking out and considering information that contradicts one’s own beliefs.
What is the effect of cognitive dissonance on decision-making?
Cognitive dissonance can lead individuals to change their beliefs or attitudes to reduce discomfort from conflicting information.
Multiple Choice: Which cognitive bias can lead to an excessive focus on potential gains? A) Loss aversion B) Overconfidence C) Framing effect D) Status quo bias
B) Overconfidence
True or False: The hindsight bias can lead to overconfidence in predicting future events.
True
What is the outcome bias?
The outcome bias is the tendency to judge a decision based on its outcome rather than the quality of the decision at the time it was made.
Fill in the blank: The _____ bias involves giving disproportionate weight to the first piece of information encountered.
anchoring
How can the framing effect be effectively used in persuasion?
By presenting information in a way that highlights positive aspects to influence the other party’s perception.
What is the role of cognitive biases in marketing?
Cognitive biases are used in marketing to influence consumer behavior and decision-making.
Multiple Choice: Which bias might lead someone to ignore evidence that contradicts their beliefs? A) Confirmation bias B) Anchoring bias C) Hindsight bias D) Availability heuristic
A) Confirmation bias
True or False: Cognitive biases can be beneficial in decision-making.
True
What is the primacy effect?
The primacy effect is the tendency to remember the first items in a list better than those that come later.
Fill in the blank: The _____ bias can lead to a misjudgment of the likelihood of events based on their availability in memory.
availability
How can the bandwagon effect be utilized in negotiations?
By highlighting how others support a particular viewpoint or decision to sway the other party.
What is the impact of cognitive biases on group decision-making?
Cognitive biases can lead to groupthink, where consensus is prioritized over critical thinking.
Multiple Choice: Which bias involves a tendency to see patterns in random data? A) Illusory correlation B) Confirmation bias C) Hindsight bias D) Sunk cost fallacy
A) Illusory correlation
True or False: Cognitive biases are only relevant in high-stakes situations.
False
What is the role of the hindsight bias in evaluating past decisions?
It can cause individuals to believe they predicted an outcome after it has occurred, leading to overconfidence.
Fill in the blank: The _____ effect can cause individuals to favor information presented first.
primacy
How can the illusion of control be detrimental in negotiations?
It can lead negotiators to overestimate their influence over outcomes, potentially leading to poor decisions.
What is the effect of social proof in decision-making?
Social proof can lead individuals to conform to the actions of others, often without critical evaluation.
Multiple Choice: Which cognitive bias can lead to a failure to update beliefs in light of new evidence? A) Confirmation bias B) Anchoring bias C) Status quo bias D) All of the above
D) All of the above
True or False: Cognitive biases only affect individuals and not organizations.
False
What is the impact of emotional biases on decision-making?
Emotional biases can cloud judgment and lead to irrational decisions.
Fill in the blank: The _____ bias can cause an individual to focus excessively on losses rather than potential gains.
loss aversion
How can cognitive biases be mitigated in decision-making?
By employing strategies such as seeking diverse perspectives and encouraging critical thinking.
What is the role of heuristics in cognitive biases?
Heuristics are mental shortcuts that can lead to cognitive biases by simplifying complex decision-making processes.
Multiple Choice: Which statement is true about cognitive biases? A) They are always negative B) They can sometimes lead to quick and efficient decisions C) They are only found in personal decisions D) None of the above
B) They can sometimes lead to quick and efficient decisions
True or False: Cognitive biases can be completely avoided with awareness.
False
