Week 13

Question 1

Scenario: A marketing team is discussing strategies for a new product launch. The team leader is fixated on an initial high price point, believing it will set the product as premium in the market. Which cognitive biases should the team be aware of, and what strategies could help mitigate these biases? (Select all that apply) -

Answer 1

Anchoring Bias,
Seeking Diverse Perspectives,
Structured Decision-Making

Question 1

Scenario: During a debate, a participant insists that their cultural practices are superior and dismisses others. Which philosophical concepts and cognitive biases are likely influencing their stance, and what approaches could encourage a more open-minded discussion? (Select all that apply) -

Answer 1

Moral Relativism,
Confirmation Bias,
Cultural Diversity

Question 2

Scenario: A financial advisor feels extremely confident in their ability to predict market trends based on recent successes. What cognitive biases might this advisor be experiencing, and what steps can be taken to ensure more balanced decision-making? (Select all that apply) -

Answer 2

Education and Training,
Overconfidence Bias,
Structured Decision-Making

Question 3

Scenario: A doctor is diagnosing a patient and strongly believes in a particular diagnosis based on initial symptoms. However, the patient presents some atypical symptoms that don’t fit this diagnosis. What cognitive biases might affect the doctor’s judgment, and how can they be mitigated? (Select all that apply) -

Answer 3

Critical Thinking,
Confirmation Bias,
Questioning Assumptions

Question 4

Scenario: A jury is tasked with determining the outcome of a trial where hindsight bias might affect their judgment. Which biases and strategies are relevant in this scenario to ensure a fair trial? (Select all that apply) -

Answer 4

Critical Thinking,
Questioning Assumptions,
Hindsight Bias

Question 5

Doubts specific areas like metaphysical entities or historical knowledge

Doubts the validity of certain areas of knowledge

Answer 5

Local Skepticism

Question 6

Questions the possibility of any knowledge

Doubts the possibility of any knowledge

Answer 6

Global Skepticism

Question 7

Requires empirical evidence before accepting claims

Answer 7

Scientific Skepticism

Question 8

Causes overestimation of risks like plane crashes

Judging the probability of events based on how easily examples come to mind

Answer 8

Availability Heuristic

Question 9

Skews decision-making in negotiations

Answer 9

Anchoring Bias

Question 10

Leads to polarization in social and political contexts

Favoring information that confirms existing beliefs

Answer 10

Confirmation Bias

Question 11

Often results in systematic deviations from rationality

Highlights the need for awareness of mental shortcuts

Answer 11

Cognitive Biases

Question 12

Can lead to excessive doubt and inaction

Encourages withholding judgment due to lack of evidence

Highlights the need for awareness of mental shortcuts

Answer 12

Skepticism

Question 13

Faces the problem of moral and logical inconsistency

Encourages understanding and appreciation of different perspectives

Answer 13

Relativism

Question 14

Can lead to poor decision-making in financial investing

Overestimating one’s ability to predict market trends

Overestimating one’s own knowledge or abilities

Answer 14

Overconfidence Bias

Question 15

Contributes to polarization and entrenchment of views

Answer 15

Confirmation Bias

Question 16

Influences entire bargaining processes in negotiations

Relying too heavily on the first piece of information encountered

Answer 16

Anchoring Bias

Question 17

Equips individuals with tools to counteract biase

Answer 17

Education and Training

Question 18

Reduces confirmation bias by engaging with different viewpoints

Answer 18

Seeking Diverse Perspectives

Question 19

Encourages consideration of alternative explanations

Answer 19

Questioning Assumptions

Question 20

Helps identify and correct potential biases in reasoning

Answer 20

Critical Thinking

Question 21

Provides a systematic approach to evaluating options

Answer 21

Structured Decision-Making

Question 22

Truth itself can differ based on context or perspective

Challenges the notion of objective truth in different contexts

Answer 22

Cognitive Relativism

Question 23

Belief that moral principles vary from culture to culture

Suggests that no single moral code is universally applicable

Answer 23

Moral Relativism

Question 24

Seeing events as predictable after they have occurred

Viewing events as predictable after they have occurred

Answer 24

Hindsight Bias

Question 25

Attributing positive outcomes to oneself and negative outcomes to external factors

Answer 25

Self-serving Bias