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 __________. A.the recognition heuristicB.confirmation bias C.the representativeness heuristicD.belief bias

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 __________. A.among preferences B.under uncertain conditions C.based on a known outcome D.by eliminating unwanted outcomes

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 __________. A. availability heuristic B. loss aversion C. confirmation bias D. belief bias Please select the best answer from the choices provided

When does the confirmation bias occur?A.When an individual only researches information that is consistent with personal beliefs.B.When an individual only makes a decision after all perspectives have been evaluated.C.When an individual becomes more confident in one’s judgments after researching alternative perspectives.D.When an individual believes that the odds of an event occurring increase if the event hasn’t occurred recently.

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. A.framing B.recognition C.availability D.representativeness