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Decisions, Bias and Heuristics

Quiz by Bruce Cameron

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14 questions
Show answers
  • Q1
    What is a heuristic?
    A logical reasoning process.
    A problem-solving approach that uses practical, intuitive rules rather than strict logical reasoning.
    An experimental procedure.
    A mathematical formula.
    30s
  • Q2
    Which of the following is NOT a type of heuristic?
    Algebraic equation
    Availability heuristic
    Representativeness heuristic
    Anchoring heuristic
    30s
  • Q3
    What is the availability heuristic?
    A mental shortcut where we judge the likelihood of an event based on how easily examples of it come to mind.
    A process of gathering evidence through experimentation.
    A systematic method of problem-solving.
    A statistical approach to decision-making.
    30s
  • Q4
    What is the representativeness heuristic?
    A mathematical formula for probability estimation.
    A mental shortcut where we judge the likelihood of an event based on how well it matches our mental prototype.
    A logical reasoning method.
    A process of trial and error.
    30s
  • Q5
    What is the anchoring heuristic?
    A mathematical calculation to estimate probabilities.
    A problem-solving strategy based on trial and error.
    A cognitive bias where individuals rely heavily on the first piece of information encountered when making decisions.
    A method of gathering evidence through experimentation.
    30s
  • Q6
    What is the confirmation bias?
    A problem-solving strategy based on trial and error.
    A process of gathering evidence through experimentation.
    The tendency to search for, interpret, or remember information in a way that confirms our pre-existing beliefs or hypotheses.
    A statistical method of data analysis.
    30s
  • Q7
    What is the anchoring bias?
    A process of gathering evidence through experimentation.
    A problem-solving technique based on logical reasoning.
    A cognitive bias where individuals rely too heavily on the initial piece of information encountered when making decisions or estimates.
    A mathematical formula for probability estimation.
    30s
  • Q8
    What is the framing effect?
    A statistical method of data analysis.
    The tendency to be influenced by the way information is presented, such as the positive or negative wording of options.
    A process of gathering evidence through experimentation.
    A problem-solving technique based on trial and error.
    30s
  • Q9
    What is the sunk cost fallacy?
    The tendency to attribute our successes to internal factors and failures to external factors.
    The tendency to overestimate the likelihood of events that come readily to mind.
    The tendency to rely on information that is readily available in our memory.
    The tendency to continue investing in a losing proposition because of a prior investment of time, money, or effort.
    30s
  • Q10
    What is the halo effect?
    The tendency to rely on information that is readily available in our memory.
    The tendency to assume that someone who possesses one positive trait must also possess other positive traits.
    The tendency to believe that we are better than average.
    The tendency to search for, interpret, and remember information in a way that confirms our preexisting beliefs.
    30s
  • Q11
    What is the hindsight bias?
    The tendency to believe, after an event has occurred, that we accurately predicted or knew the outcome beforehand.
    The tendency to rely too heavily on the first piece of information encountered.
    The tendency to overestimate the accuracy of one's beliefs or judgments.
    The tendency to search for, interpret, and remember information in a way that confirms our preexisting beliefs.
    30s
  • Q12
    What is the bandwagon effect?
    The tendency to follow the crowd or conform to group opinions.
    The tendency to rely on information that is readily available in our memory.
    The tendency to overestimate the accuracy of one's beliefs or judgments.
    The tendency to make decisions based on the emotional thrill of taking risks.
    30s
  • Q13
    What is the overconfidence effect?
    The tendency to follow the crowd or conform to group opinions.
    The tendency to rely on information that is readily available in our memory.
    The tendency to search for, interpret, and remember information in a way that confirms our preexisting beliefs.
    The tendency to overestimate the accuracy of one's beliefs or judgments.
    30s
  • Q14
    What is the gambler's fallacy?
    The tendency to give greater weight to recent information while undervaluing earlier information.
    The tendency to overestimate the accuracy of one's beliefs or judgments.
    The belief that previous events in a probability-based system, such as gambling, can influence future outcomes.
    The belief that people can accurately predict the future based on their dreams.
    30s

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