The following table shows some cognitive biases and some definitions.Row Type of cognitive bias DefinitionA Anchoring heuristic a strategy that people use to make guesses about things they do not know, by thinking about things they do know and then making an adjustmentB Framing heuristic recalling examples of similar events from available memory, when asked about how likely an event is to occurC Availability heuristic human thinking and decision-making is affected by the way in which a problem is stated, or framedWhich of the above rows correctly match the cognitive bias(es) with the correct definition(s)?

A psychologist is developing a lecture on cognitive bias, which is the tendency to think in ways that are not rational. Read the piece of information in each row, then select the section where it fits best.SectionsBiases in decision-making and beliefSocial biasesBiases and errors in memoryIn-group bias: The tendency to give better treatment to others in your group.Endowment effect: The tendency to think something is more valuable if you already have or own it.Consistency bias: Recalling your attitudes and behavior in the past as resembling those in the present.Confirmation bias: The tendency to favor information that confirms your preconceptions.

What are the causes of cognitive biases? Exclude incorrect option.Question 3Answera.limits of the mind`s attentionb.social pressurec.emotions and experiencesd.individual cognitive peculiarities

Thinking that a plane crash is more likely than a car crash because you can easily remember dramatic images of plane crashes on TV is an example of what cognitive shortcut?Multiple choice question.endowment effectavailability heuristicrepresentativeness heuristicalgorithms

According to Lovallo and Sibony, which one of the following statements best describes the cognitive bias likely to be exhibited by management when making large and unique decisions: Select one: a. Errors resulting in gains and losses can be expected to cancel out making decisions based on the probability weighted expected outcome optimal. b. Rules of thumb can be learned through repeated experience causing decisions based on a rule of thumb to be unreliable. c. Excessive profit aversion causes individual managers to reject projects otherwise desirable to the organisation as a whole. d. Excessive optimism causes management to overestimate forecasted benefits and underestimate challenges when choosing a strategy.

Cognitive perspective isMultiple Choicethe approach that focuses on how people think, understand, and know about the world.Correctthe process used to assign people to an experimental group that uses completely random chance, like flipping a coin.something that does not contain an active ingredient, though many believe that it does, as in medicine.a way to find answers by experimenting, observing, and drawing conclusions.Incorrect