Decision Making for Leaders Flashcards
(25 cards)
What are the two systems of thinking described in ‘Thinking, Fast and Slow’?
System 1 (fast, automatic, intuitive) and System 2 (slow, deliberate, analytical).
True or False: System 1 thinking is more prone to biases than System 2 thinking.
True.
Fill in the blank: System 1 is often described as _______.
fast and intuitive.
What does the Mindspace framework stand for?
Mindspace is an acronym for Messenger, Incentives, Norms, Defaults, Salience, Priming, Affect, and Ego.
Which system of thinking is primarily responsible for making quick decisions?
System 1.
What is the primary focus of the Mindspace framework?
Understanding how behavioral influences affect decision-making.
True or False: The concept of ‘anchoring’ is a bias associated with System 1 thinking.
True.
In the Mindspace framework, what does ‘Defaults’ refer to?
The pre-set options that influence choices when no active decision is made.
What role does ‘Affect’ play in decision-making according to the Mindspace framework?
Emotional responses that can influence choices and judgments.
What is an example of a cognitive bias discussed in ‘Thinking, Fast and Slow’?
Confirmation bias.
Fill in the blank: System 2 thinking is characterized by _______.
deliberation and analysis.
What does the ‘Messenger’ component of Mindspace emphasize?
The importance of who delivers a message in shaping decisions.
True or False: The Mindspace framework is only applicable to marketing strategies.
False.
What is the impact of ‘Salience’ in decision-making?
It refers to how noticeable or prominent information is, influencing attention and choices.
What does the term ‘priming’ refer to in the context of the Mindspace framework?
The exposure to certain stimuli that influences subsequent behavior and decision-making.
In ‘Thinking, Fast and Slow’, what is ‘loss aversion’?
The tendency to prefer avoiding losses over acquiring equivalent gains.
Fill in the blank: The ‘Norms’ aspect of Mindspace refers to _______.
social norms that influence behavior.
Which cognitive bias is described as the tendency to overestimate the likelihood of events based on their availability in memory?
Availability heuristic.
What does ‘Ego’ refer to in the Mindspace framework?
The influence of self-image and identity on decision-making.
True or False: According to ‘Thinking, Fast and Slow’, people are generally good at making rational decisions.
False.
What is the ‘halo effect’ as discussed in ‘Thinking, Fast and Slow’?
The tendency to let one positive trait influence overall judgment.
What does the ‘Incentives’ component of Mindspace refer to?
The rewards or penalties that motivate behavior.
Fill in the blank: System 1 relies on _______ to make quick judgments.
heuristics.
What is ‘overconfidence bias’ as described in ‘Thinking, Fast and Slow’?
The tendency to overestimate one’s knowledge or ability.
