Cognitive Biases

Question 1

Availability Heuristic

Answer 1

jumping to conclusions based off available information

“what you see is all there is…”

Question 2

Conjunction Fallacy

Answer 2

the conjunction of two events is judged to be more probable

Question 3

Halo/Horn Effect

Answer 3

impression in one area influences impression in another area, even though the areas are independent and not logically related

Question 4

Affect Heuristic

Answer 4

judgment based on emotions when it is inappropriate

Question 5

Confirmation Bias

Answer 5

search for/ interpret information in a way that confirms our preconceptions

can be seen in social media algorithms where advertisements are specifically targeted to individuals and their preconceptions

Question 6

Anchoring Bias

Answer 6

tricks people into over-estimating or under-estimating something

marketing for example with pricing
in negotiations the first offer serves as the anchor for the further negotiations