Types of Bias

Question 1

Overconfidence bias

Answer 1

believing your judgment is better or more reliable than it actually is

Question 2

Confirmation bias

Answer 2

selectively seek, interpret, and remember information that supports our beliefs (ignoring info that goes against a decision)

Question 3

Availability bias

Answer 3

tendency to base decisions on info readily available on memory

Question 4

Anchoring bias

Answer 4

decisions makers influenced by first information they receive about a decision, even if it is irrelevant

Question 5

Hindsight bias

Answer 5

knowledge of an outcome influences our believe about the probability that we could have predicted the outcome earlier

Question 6

Framing bias

Answer 6

related to the manner in which a question is posed or framed leading us to change the way we interpret alternatives

Question 7

Escalation of commitment (sunk cost bias)

Answer 7

tendency to hold to an ineffective course of action even when it is unlikely the bad situation can be reversed

Question 8

Representative Bias

Answer 8

when people base decisions on stereotypes or prototypes instead of objective information