Biases in Thinking

Question 1

Heuristic

Answer 1

Mental shortcuts that allow people to solve problems and makr judgments quickly and efficiently
* often leads to bias due to it being a “rule of thumb” when making decisions
* operate unconsciously, making self-reported reasoning often a rationalisation - not accurate of actual thought processes

Question 2

Anchoring bias

Answer 2

Causes us to rely heavily on the first piece of information we are given about a topic

Question 3

Framing bias

Answer 3

People’s decisions change depending on how options are framed or presented even when the options are logically identical

Question 4

Influencing factors beyong cognitive biases on real-life decisions (5)

Answer 4

• budget
• time for bargaining
• emotional state
• relationship with seller
• past experiences

Question 5

Limitations of research caused by Western focus and artificial lab setting (3):

Answer 5

• limits ecological validity
• lacks cross-cultural relevance
• assumes universality of cognitive biases without sufficient global evidence