Exam 2
Face-to-face discussiom
Media richness level: low
Media richness level: low
Media richness level: Moderate
Media richness level: High
Media richness level: Moderate
Media richness level: High
Telephone
Media richness level: low
Media richness level: low
Media richness level: Moderate
Media richness level: High
Media richness level: Moderate
Media richness level: High
Email
Media richness level: low
Media richness level: low
Media richness level: Moderate
Media richness level: High
Media richness level: Moderate
Media richness level: High
Personalized letter/memo
Media richness level: low
Media richness level: low
Media richness level: Moderate
Media richness level: High
Media richness level: Moderate
Media richness level: High
Formal written report
Media richness level: low
Media richness level: low
Media richness level: Moderate
Media richness level: High
Media richness level: Moderate
Media richness level: High
Company memo
Media richness level: low
Media richness level: low
Media richness level: Moderate
Media richness level: High
Media richness level: Moderate
Media richness level: High
The decision making shortcut CONFIRMATION BIAS refers to...
When we focus too much on one piece of information that we receive about something.
Our belief that we can predict the outcome of random events.
When we continue to support a bad decision
When we accept information that supports our viewpoint than other info that does not.
The decision making shortcut AVAILABILITY BIAS refers too..
Basing judgements on information that is more easily available.
Our belief that we can predict the outcome of random events.
When we continue to support a bad decision
The decision making shortcut ANCHORING BIAS refers too..
When we continue to support a bad decision
The tendency to prefer a certain outcome over an uncertain outcome.
When we focus too much on one piece of information that we receive about something.
When you believe you could have correctly predicted the outcome of an event, after it has happened.
The decision making shortcut ESCALATION OF COMMITMENT refers too..
The tendency to prefer a certain outcome over an uncertain outcome.
When we continue to support a bad decision
When you believe you could have correctly predicted the outcome of an event, after it has happened.
Basing judgements on wrong information
The decision making shortcut RANDOMNESS ERROR refers too..
Our belief that we can predict the outcome of random events.
Basing judgements on confusing information
When you believe you could have correctly predicted the outcome of an event, after it has happened.
The tendency to prefer a certain outcome over an uncertain outcome.
The decision making shortcut RISK AVERSION refers too..
When you believe you could have correctly predicted the outcome of an event, after it has happened.
Basing judgements on wrong information
The tendency to prefer a certain outcome over an uncertain outcome.
The decision making shortcut HINDSIGHT BIAS refers too..
When you believe you could have correctly predicted the outcome of an event, after it has happened.
Denying what is right and accepting what is wrong
Making decisions based on religious views.
Gambling on the outcome of roulette.
Anchoring Bias
Predicted the outcome of an event, after it has happened. You tell friends that you would have picked the team that won the sporting event.
Gambling on the outcome of roulette.
People who say that travelling in airplanes is more risky than travelling by car because we hear more about plane crashes than car crashes.
A partner who keeps investing time into a bad relationship with the hope that the partner will change his/her behaviour.
“I am 100% confident that I am right.”
A person who selects a guaranteed $50 instead of flipping a coin for a chance of $100.
People who do not believe in global warming pay greater attention to the 2 out of 10 scientists that support her position and criticize the 8 out of 10 scientists who do not.
If someones first offer to buy a house is $300,000, a seller then sells the house for approx. That amount.
Risk Aversion
Predicted the outcome of an event, after it has happened. You tell friends that you would have picked the team that won the sporting event.
Gambling on the outcome of roulette.
People who say that travelling in airplanes is more risky than travelling by car because we hear more about plane crashes than car crashes.
A partner who keeps investing time into a bad relationship with the hope that the partner will change his/her behaviour.
“I am 100% confident that I am right.”
A person who selects a guaranteed $50 instead of flipping a coin for a chance of $100.
People who do not believe in global warming pay greater attention to the 2 out of 10 scientists that support her position and criticize the 8 out of 10 scientists who do not.
If someones first offer to buy a house is $300,000, a seller then sells the house for approx. That amount.
Randomness Error
Predicted the outcome of an event, after it has happened. You tell friends that you would have picked the team that won the sporting event.
Gambling on the outcome of roulette.
People who say that travelling in airplanes is more risky than travelling by car because we hear more about plane crashes than car crashes.
A partner who keeps investing time into a bad relationship with the hope that the partner will change his/her behaviour.
“I am 100% confident that I am right.”
A person who selects a guaranteed $50 instead of flipping a coin for a chance of $100.
People who do not believe in global warming pay greater attention to the 2 out of 10 scientists that support her position and criticize the 8 out of 10 scientists who do not.
If someones first offer to buy a house is $300,000, a seller then sells the house for approx. That amount.
Hindsight Bias
Predicted the outcome of an event, after it has happened. You tell friends that you would have picked the team that won the sporting event.
Gambling on the outcome of roulette.
People who say that travelling in airplanes is more risky than travelling by car because we hear more about plane crashes than car crashes.
A partner who keeps investing time into a bad relationship with the hope that the partner will change his/her behaviour.
“I am 100% confident that I am right.”
A person who selects a guaranteed $50 instead of flipping a coin for a chance of $100.
People who do not believe in global warming pay greater attention to the 2 out of 10 scientists that support her position and criticize the 8 out of 10 scientists who do not.
If someones first offer to buy a house is $300,000, a seller then sells the house for approx. That amount.
Escalation of commitment
Predicted the outcome of an event, after it has happened. You tell friends that you would have picked the team that won the sporting event.
Gambling on the outcome of roulette.
People who say that travelling in airplanes is more risky than travelling by car because we hear more about plane crashes than car crashes.
A partner who keeps investing time into a bad relationship with the hope that the partner will change his/her behaviour.
“I am 100% confident that I am right.”
A person who selects a guaranteed $50 instead of flipping a coin for a chance of $100.
People who do not believe in global warming pay greater attention to the 2 out of 10 scientists that support her position and criticize the 8 out of 10 scientists who do not.
If someones first offer to buy a house is $300,000, a seller then sells the house for approx. That amount.
Availibility Bias
Predicted the outcome of an event, after it has happened. You tell friends that you would have picked the team that won the sporting event.
Gambling on the outcome of roulette.
People who say that travelling in airplanes is more risky than travelling by car because we hear more about plane crashes than car crashes.
A partner who keeps investing time into a bad relationship with the hope that the partner will change his/her behaviour.
“I am 100% confident that I am right.”
A person who selects a guaranteed $50 instead of flipping a coin for a chance of $100.
People who do not believe in global warming pay greater attention to the 2 out of 10 scientists that support her position and criticize the 8 out of 10 scientists who do not.
If someones first offer to buy a house is $300,000, a seller then sells the house for approx. That amount.
Over confidence Bias
Predicted the outcome of an event, after it has happened. You tell friends that you would have picked the team that won the sporting event.
Gambling on the outcome of roulette.
People who say that travelling in airplanes is more risky than travelling by car because we hear more about plane crashes than car crashes.
A partner who keeps investing time into a bad relationship with the hope that the partner will change his/her behaviour.
“I am 100% confident that I am right.”
A person who selects a guaranteed $50 instead of flipping a coin for a chance of $100.
People who do not believe in global warming pay greater attention to the 2 out of 10 scientists that support her position and criticize the 8 out of 10 scientists who do not.
If someones first offer to buy a house is $300,000, a seller then sells the house for approx. That amount.
Confirmation Bias
Predicted the outcome of an event, after it has happened. You tell friends that you would have picked the team that won the sporting event.
Gambling on the outcome of roulette.
People who say that travelling in airplanes is more risky than travelling by car because we hear more about plane crashes than car crashes.
A partner who keeps investing time into a bad relationship with the hope that the partner will change his/her behaviour.
“I am 100% confident that I am right.”
A person who selects a guaranteed $50 instead of flipping a coin for a chance of $100.
People who do not believe in global warming pay greater attention to the 2 out of 10 scientists that support her position and criticize the 8 out of 10 scientists who do not.
If someones first offer to buy a house is $300,000, a seller then sells the house for approx. That amount.
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