ILROB 1220 Prelim 1 Review Sheet - Confirmation bias: after...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Confirmation bias: after making decision, looking for ideas to support. Major problem is we often seek confirming data, but ignore disconfirming data. Eg: after buying Volvo, you see more good things about volvo’s, etc Fundamental Attribution Error: when we look at other people, mistakes are their fault; when we look at ourselves, easy to come up with excuses Eg: guy in class who came in late, picked on by prof Anchoring and Adjustment Bias: when we see random numbers in one question, we’re inclined to use them in subsequent choices/answers Eg: first number thrown out in negotiation Eg: How many letters are there in alphabet? 26. How old do I look? Ans: 25? Reality: 20; first answer gave lasting impression Prospect Theory: people prefer guarantees to chances where possibility is no gain ( 2:1 value), but people will also gamble to avoid a loss (even to avoid a loss) Eg: 200 people die vs 400 people dead (PP example) Eg: Money betting chart from class (Sure gain of 240 vs sure loss of 750)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/13/2010 for the course ILROB 1220 taught by Professor Goncaloj during the Fall '07 term at Cornell University (Engineering School).

Page1 / 2

ILROB 1220 Prelim 1 Review Sheet - Confirmation bias: after...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online