Define decision making and provide two strategies that one may use to make decisions.
Decision making is the process of choosing between two or more options or courses of action. Two strategies are to list the pros and cons of each option and to compare the options against clear goals or criteria before making a choice.
What heuristic estimates the probability of something occurring based on how easily one recalls relevant occurrences of the event?
The tendency to have more confidence in judgment and decisions than one should, based on probability or past experience is __________.
Describe the difference between the availability heuristic and the representativeness heuristic.
What is belief bias and what is the best way to avoid belief bias when making decisions?
Responses may vary but should include some or all of the following information: Belief bias is the tendency to cling to one’s beliefs after the basis on which they were formed has been discredited. The best remedy for belief bias is to consider the opposite view. Responses may vary but should include some or all of the following information: Belief bias is the tendency to cling to one’s beliefs after the basis on which they were formed has been discredited. The best remedy for belief bias is to consider the opposite view.
The belief that the odds of two events occurring together are greater than the odds of either event occurring alone is the __________.
Losing 50 dollars may affect one’s level of happiness more than winning 50 dollars. This illustrates the concept of __________ aversion.
Define decision making and provide two strategies that one may use to make decisions.
Describe the difference between the availability heuristic and the representativeness heuristic.
The availability heuristic is judging how likely an event is based on how easily examples of it come to mind. The representativeness heuristic is judging how likely something is based on how closely it resembles a typical example or category.
What is belief bias and what is the best way to avoid belief bias when making decisions?
Individuals tend to make decisions with the elimination-by-aspects strategy as choices become more simple.
Losing 50 dollars may affect one’s level of happiness more than winning 50 dollars. This illustrates the concept of __________ aversion.
The tendency to have more confidence in judgment and decisions than one should, based on probability or past experience is __________.
What heuristic estimates the probability of something occurring based on how easily one recalls relevant occurrences of the event?
The belief that the odds of two events occurring together are greater than the odds of either event occurring alone is the __________.
Confirmation bias is the tendency to solve problems using one specific approach, even if other ways might be better.
Once beliefs are formed, it often takes stronger evidence to change them than it did to create them.
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