Module 8 Judgement Decsion Making

Question 0

Biases

Answer 0

The systematic and predictable mistakes that influence the judgment of even very talented human beings

Question 1

Anchoring

Answer 1

The bias to be affected by an initial anchor even if the anchor is arbitrary and to insufficiently adjust our judgments away from the anchor

Question 2

Bounded awareness

Answer 2

The systematic ways in which we fail to notice obvious and important information that is available to us

Question 3

Bounded ethicality

Answer 3

The systematic ways in which our ethics are limited in ways we are not even aware of ourselves

Question 4

Bounded rationality

Answer 4

Model of human behavior that suggests that humans try to make rational decisions but are bounded due to cognitive limitations

Question 5

Bounded self - interest

Answer 5

The systematic and predictiable ways in which we care about the outcomes of others

Question 6

Bounded willpower

Answer 6

The tendency to place greater weight on present concerns rather than future concerns

Question 7

Framing

Answer 7

The bias to be systematically affected by the way in which information is presented while holding the objective information constant

Question 8

Overconfident

Answer 8

The bias to have greater confidence in your judgement that is warranted based on a rational assessment

Question 9

System 1

Answer 9

Our intuitive decision- making system which is typically fast, automatic, effortless implicit and emotional.

Question 10

System 2

Answer 10

Our more deliberative decision- making system, which is slower, conscious effortful emplict and logical