Decision Making

Question 1

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

Revolt · Accepted Answer

availability

Question 2

Individuals tend to make decisions with the elimination-by-aspects strategy as choices become more simple.

Revolt · Accepted Answer

F

Question 3

Losing 50 dollars may affect one’s level of happiness more than winning 50 dollars. This illustrates the concept of __________ aversion.

Revolt · Accepted Answer

loss

Question 4

Once beliefs are formed, it often takes stronger evidence to change them than it did to create them.

Revolt · Accepted Answer

T

Question 5

Confirmation bias is the tendency to solve problems using one specific approach, even if other ways might be better.

Revolt · Accepted Answer

F

Question 6

The belief that the odds of two events occurring together are greater than the odds of either event occurring alone is the __________.

Revolt · Accepted Answer

conjunction fallacy

Question 7

What is belief bias and what is the best way to avoid belief bias when making decisions?

Revolt · Accepted Answer

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.

Question 8

The tendency to have more confidence in judgment and decisions than one should, based on probability or past experience is __________.

Revolt · Accepted Answer

overconfidence

Decision Making Answers

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