Heuristics & Biases - SAQ Flashcards
What is anchoring bias?
During decision making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments.
What are cognitive biases?
Systematic errors in thinking that affects the decisions and judgments that people make.
What are heuristics?
Mental shortcuts
Why do we use cognitive biases?
Don’t have time
Don’t have the desire
Don’t have the resources
Cognitive load is too high
Ego depletion
What is ego depletion?
Lack of self control or will power.
What is the name of the Heuristics & Biases SAQ study?
Tversky & Kahneman (1974)
What is the aim of the Tversky & Kahneman (1974) study?
To demonstrate the effect of anchoring on estimate the value of a mathematics problem.
When was the Tversky & Kahneman study?
1974
What was the procedure of the Tversky & Kahneman (1974) study?
Participants in the “ascending condition” were asked to quickly estimate the value of 1 X 2 X 3 X 4 X 5 X 6 X 7 X 8 in five seconds.
Those in the “descending condition” were asked to quickly estimate the value of 8 X 7 X 6 X 5 X 4 X 3 X 2 X 1.
What were the results of the Tversky and Kahneman (1974) study?
The researchers found that the median for the ascending group was 512. The median for the descending group was 2250.
The actual value is 40320.
What was the actual value of the Tversky and Kahneman (1974) study?
40320
What was the ascending group median estimation in the Tversky and Kahneman (1974) study?
512
What was the descending group median estimation in the Tversky and Kahneman (1974) study?
2250
