Decision Making II

Question 1

escalation of commitment bias

Answer 1

Individuals continue on a failing course of action after info reveals its not good.
- people do not like admitting they are wrong. saves face.

Question 2

Sunk cost fallacy

Answer 2

continuing w decision bec already invested a significant amount of time or money. commitment bias.

Question 3

hindsight bias

Answer 3

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

Question 4

correlation and causality bias

Answer 4

confusing an association or connection between two events as a cause and effect relationship

Question 5

perception

Answer 5

process with how people detect and interpret objects or actions in the environment

Question 6

self perception

Answer 6

how accurate is it? should ask colleagues as friends and fam will give positive feedback

Question 7

self-enhancement bais

Answer 7

people see themselves more positively than others do

Question 8

self serving bias

Answer 8

people attribute their success to internal characteristics and failures to external situations.

Question 9

overconfidence bias

Answer 9

1) people overestimate their abilities and luck
2) people tend to consistently overestimate ability to predict future events

Question 10

planning fallacy

Answer 10

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

Question 11

endowment effect

Answer 11

individuals value something they own higher than market value. People’s positve self concepts spills over to possessions

Question 12

social perception

Answer 12

how we perceive others or form impressions directly influences how we behave towards them or how we treat them

Question 13

first impression

Answer 13

initial thoughts and perceptions about people tend to be stable and have a lasting impact. once formed, they are resilient contrary to information.

Question 14

selective perception

Answer 14

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.

Question 15

Halo effect

Answer 15

people form a positive overall impression of someone based on a single characteristic or trait.

Question 16

Horns effect

Answer 16

forming a negative overall impression based on a single trait

Question 17

stereotypes

Answer 17

generalized behavior based on perceived characteristics.
-become potentially discriminatory when generalizing from a group to an individual

Question 18

selective perception

Answer 18

perpetuates stereotypes.
-info that goes against our beliefs is seen as an exception to the rule

Question 19

self fulfilling prophecy

Answer 19

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

Question 20

attribution

Answer 20

casual explanation we give for observed behavior

Question 21

internal attribution

Answer 21

explaining somone’s bahvior using their internal characteristics

Question 22

external attributions

Answer 22

explaining someone’s behavior by reffereing to the situation

Question 23

attribution dimensions

Answer 23

• consensus
• distinctiveness
• consistency

Question 24

consensus

Answer 24

do other people behave this way?

Question 25

distinctiveness

Answer 25

distinctiveness- does this person behave the same way in other situations?

Question 26

consistency

Answer 26

did this person behave this way in the same situation previously

Question 27

type of attribution

Answer 27

high consensus - high distinctiveness - low consistency = external
low consensus - low distinctiveness - high consistency = internal

Question 28

fundamental attribution error

Answer 28

individuals make internal attributions about others when they experience negative outcomes, but external attributions when they experience positive outcomes.
ex. if team member shows up late- they are lazy

Question 29

self-serving bias in FAE

Answer 29

FAE is reversed when it comes to attributing our own behavior.
ex. if I was late- excuses*

Question 30

Cognitive Biases

Answer 30

Availability
▪ Representativeness
▪ Anchoring & Adjustment
▪ Framing
▪ Confirmation

Question 31

Self-Perception Biases

Answer 31

self-enhancement, self-serving, overconfidence (planning fallacy & endowment effect)

Question 32

social Perception Biases

Answer 32

first impressions, halo (horns) effect, stereotypes (self-fulfilling prophecy)