Heuristics & Biases - SAQ

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  • Created by: tom4dui24
  • Created on: 31-08-21 17:02
What is anchoring bias?
During decision making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments.
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What are cognitive biases?
Systematic errors in thinking that affects the decisions and judgments that people make.
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What are heuristics?
Mental shortcuts
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Why do we use cognitive biases?
Don't have time

Don't have the desire

Don't have the resources

Cognitive load is too high

Ego depletion
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What is ego depletion?
Lack of self control or will power.
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What is the name of the Heuristics & Biases SAQ study?
Tversky & Kahneman (1974)
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What is the aim of the Tversky & Kahneman (1974) study?
To demonstrate the effect of anchoring on estimate the value of a mathematics problem.
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When was the Tversky & Kahneman study?
1974
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What was the procedure of the Tversky & Kahneman (1974) study?
Participants in the “ascending condition” were asked to quickly estimate the value of 1 X 2 X 3 X 4 X 5 X 6 X 7 X 8 in five seconds.

Those in the “descending condition” were asked to quickly estimate the value of 8 X 7 X 6 X 5 X 4 X 3 X 2 X 1.
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What was the hypothesis of the Tversky and Kahneman (1974) study?
Since we read from left to right, the researchers assumed that group 1 would use "1" as an anchor and predict a lower value that the group that started with "8" as the anchor. 

The expectation was that the first number seen would bias the estimate of th
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What were the results of the Tversky and Kahneman (1974) study?
The researchers found that the median for the ascending group was 512. The median for the descending group was 2250.

The actual value is 40320.
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What was the actual value of the Tversky and Kahneman (1974) study?
40320
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What was the ascending group median estimation in the Tversky and Kahneman (1974) study?
512
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What was the descending group median estimation in the Tversky and Kahneman (1974) study?
2250
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Other cards in this set

Card 2

Front

What are cognitive biases?

Back

Systematic errors in thinking that affects the decisions and judgments that people make.

Card 3

Front

What are heuristics?

Back

Preview of the front of card 3

Card 4

Front

Why do we use cognitive biases?

Back

Preview of the front of card 4

Card 5

Front

What is ego depletion?

Back

Preview of the front of card 5
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