Common (judgmental) biases
9 important questions on Common (judgmental) biases
What does representativeness heuristic mean?
- Also know as similarity heuristic
- Is used when making judgment about the probabilities of an uncertain event
- The likelihood of a hypothesis is evaluated by considering the degree to which available info is representative of the hypothesis
- The probability that X belongs to set Y is judged on the basis of how similar X is to the stereotype of Y
What is base rate neglect?
People rely on the representativeness heuristic and overweigh P(info|H+)
What is the law of small numbers?
Not only globally across the entire sequence, but also locally in each of its parts
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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What is biased search for evidence?
Happens deliberate to reduce or avoid cognitive dissonance
What is the ostrich effect?
- Given preliminary bad news people optimally choose to avoid collecting additional information: they 'put their head in the sand' to shield themselves from further news
- In contrast, given preliminary favorable news, individuals seek out definitive information
This effect is tested in Karlsson, Loewenstein & Seppi (2009)
- Informational logins Swedisch pension accounts 2002-2004
- People log in more if they had a good week on the stock market
What is belief perseverance?
What is an anchoring bias?
What do we mean with an insufficient adjustment?
Different starting points yield in different estimates
Explain concept of bounded rationality
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
