Decision Making II Flashcards
escalation of commitment bias
Individuals continue on a failing course of action after info reveals its not good.
- people do not like admitting they are wrong. saves face.
Sunk cost fallacy
continuing w decision bec already invested a significant amount of time or money. commitment bias.
hindsight bias
when people look at the past and judge a mistake that was made as it should have been recognized in the moment.
- things appear obvious after the fact w benefit of knowing what happened
correlation and causality bias
confusing an association or connection between two events as a cause and effect relationship
perception
process with how people detect and interpret objects or actions in the environment
self perception
how accurate is it? should ask colleagues as friends and fam will give positive feedback
self-enhancement bais
people see themselves more positively than others do
self serving bias
people attribute their success to internal characteristics and failures to external situations.
overconfidence bias
1) people overestimate their abilities and luck
2) people tend to consistently overestimate ability to predict future events
planning fallacy
people underestimate the amount of time they will need to complete future task. occurs regardless of individual’s knowledge of task at hand.
- from overconfidence bias
endowment effect
individuals value something they own higher than market value. People’s positve self concepts spills over to possessions
social perception
how we perceive others or form impressions directly influences how we behave towards them or how we treat them
first impression
initial thoughts and perceptions about people tend to be stable and have a lasting impact. once formed, they are resilient contrary to information.
selective perception
we ignore other pars to the environment when we perceive others. People ignore factors that might contradict their prior beliefs. see what we want to see.
Halo effect
people form a positive overall impression of someone based on a single characteristic or trait.
Horns effect
forming a negative overall impression based on a single trait
stereotypes
generalized behavior based on perceived characteristics.
-become potentially discriminatory when generalizing from a group to an individual
selective perception
perpetuates stereotypes.
-info that goes against our beliefs is seen as an exception to the rule
self fulfilling prophecy
occurs when an established stereotype causes a person to behave a certain way to make the stereotype comes true.
- in our DEI module
- creates a perpetuating cycle: beliefs influence people’s behavior and that behavior reinforces one’s subsequent beliefs
attribution
casual explanation we give for observed behavior
internal attribution
explaining somone’s bahvior using their internal characteristics
external attributions
explaining someone’s behavior by reffereing to the situation
attribution dimensions
- consensus
- distinctiveness
- consistency
consensus
do other people behave this way?
