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ILROB 1220 Prelim 1 Review Sheet

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

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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)
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