Judgement and decision making

Question 1

Availability bias

Answer 1

Items that are more readily available in memory are judged as having occurred more frequently

Question 2

Framing effect

Answer 2

Changing how an issue is presented can change people’s decision

Question 3

Loss aversion

Answer 3

People tend to avoid losses more than they want to achieve gains

Question 4

Anchoring

Answer 4

when people rely too much on the first information they receive when making decisions.

Question 5

Confirmation bias

Answer 5

Tendency to search for confirming evidence not disconfirming evidence