ch 8 biases

Question 1

overconfidence bias

Answer 1

overestimate my own skills/abilities

Question 2

immediate gratification bias

Answer 2

want immediate rewards and avoid immediate costs

Question 3

anchoring effect

Answer 3

fixate on initial info and fail to adjust for subsequent

Question 4

selective perception

Answer 4

choose what to accept based on decision maker bias

Question 5

confirmation bias

Answer 5

only focus on info that reinforces past perceptions

Question 6

framing bias

Answer 6

highlight some aspects and excludes others
changes perception
(20% fat) vs (80% fat free)

Question 7

availability bias

Answer 7

remember recent events more

Question 8

representation bias

Answer 8

assess likelihood based on how closely it resembles other events

Question 9

sunk cost errors

Answer 9

forget that current choices cannot fix past and should not be ignored

Question 10

randomness bias

Answer 10

describe actions of decisions makers who make meaning of random stuff

Question 11

self serving bias

Answer 11

decision makers who are quick to take credit for successes and blame failure on others

Question 12

hindsight bias

Answer 12

falsely believe that i could have predicted outcome once it has already happened