BusM390Session6_Cognitive Bias_Updated

BusM390Session6_Cognitive Bias_Updated - Cognitive Bias...

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Cognitive Bias Session 3 Bus M 390
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Outline Heuristics How we view the world How we view ourselves
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Heuristics
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Heuristics Heuristics are mental shortcuts. Blackjack players never “hit” on 17. Bankers give mortgage allowance based on 35% of household income. Never throw good money after bad. Red sky at night, sailor’s delight.  Baseball players never swing on a 3-0 count.
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How We View the World
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How We View the World Availability Heuristic People tend to weight the more immediately available  information. Representativeness  Heuristic People tend to make judgments based on how well  the information represents the norm. Framing and  Anchoring People can be strongly influenced by the context in  which information is given.
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How We View the World How does this affect our ability to perceive: Availability  Heuristic People tend to weight the more immediately  available information. Risk? Cause? It leads us to view  recent  probabilities as  normal  probabilities. It leads us to assume  recent  causes are  regular  causes.
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How We View the World Eric is 24, single, lives in the United States, has several
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BusM390Session6_Cognitive Bias_Updated - Cognitive Bias...

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