Decisions, Judgments, and Reasoning

Question 1

Heuristic

Answer 1

Rule of thumb; shortcut

Question 2

Algorithm

Answer 2

Rule or procedure that will provide a correct answer

Question 3

Availability heuristic

Answer 3

Base decision on which ease information comes to mind

Question 4

Representativeness Heuristic

Answer 4

Tendency to judge probability of an event in terms of its similarity to population it’s drawn from or similarity to process that produces it

Question 5

Gambler’s Fallacy

Answer 5

False belief that random processes are sensitive to prior outcomes

Question 6

Base rate neglect

Answer 6

Failure to take baseline probabilities of events into consideration

Question 7

Insensitivity to sample size

Answer 7

Belief that small samples and large samples should be equally representative of the parent population

Question 8

Counterfactuals

Answer 8

Imagining how outcomes might have been different, sometimes contradicting the facts of what happened

Question 9

When are counterfactuals usually triggered?

Answer 9

Unexpected, negative events

Question 10

Conditional reasoning

Answer 10

Determining whether the evidence supports, refutes, or is irrelevant to an if-then statement

Question 11

Confirmation bias

Answer 11

Tendency to look for and notice information that confirms a conclusion, belief, or hypothesis