Biases in Thinking and Decision Making

Question 1

Cognitive bias

Answer 1

Consistent predictable pattern of thinking that results in errors in reasoning

Question 2

Anchoring bias

Answer 2

Tendency to rely too heavily on first piece of information when making decisions

Question 3

Heuristics

Answer 3

Mental shortcuts used when making decisions to reduce cognitive load

Question 4

Why use biases

Answer 4

Emotions, self protection, social influence