Decision Making Answers

Mark is 6’4, weighs 200 pounds, and is very muscular. People who think that Mark is more likely to be a football player than an engineer are victims of __________.

Fast and frugal heuristics allow one to make quick decisions with limited information.

What heuristic estimates the probability of something occurring based on how easily one recalls relevant occurrences of the event?

Risky decision making occurs when an individual makes a decision __________.

Evaluating alternative options and choosing one option among them is called the theory of bounded rationality.

The abundance of choices available to people when making a decision can cause them to feel overwhelmed.

Read the example below and answer the question that follows. Recent scientific research was released about global warming and climate change. Both defendents and opponents of the theory of global warming saw the information as supporting their own beliefs. Both sides fell victim to __________.

When does the confirmation bias occur?

If someone is making a decision using the additive strategy, he or she would eliminate alternatives based on their attributes.

The __________ heuristic is the method in which one chooses the alternative they recognize and infers that it has greater value.

Belief bias may cause one to make invalid conclusions seem valid or vice versa.

The availability and representativeness heuristics are not useful and should be entirely avoided.

How an issue is framed has an effect on decision making.

In the decision-making process, the last step is to __________.