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Decision-Making Heuristics and Biases Quiz

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Which heuristic involves making decisions based on the most readily available information?

Availability heuristic

Explanation

Decisions based on easily accessible information.

What is the tendency to favor information that confirms pre-existing beliefs or hypotheses, while ignoring or rejecting contradictory evidence?

Confirmation bias

Explanation

Preference for information aligning with existing beliefs.

Which heuristic involves estimating the likelihood of an event based on how similar it is to a typical prototype?

Representativeness heuristic

Explanation

Judging likelihood based on similarity to prototypes.

What is the tendency to rely too heavily on the first piece of information encountered when making decisions?

Anchoring and adjustment heuristic

Explanation

Over-reliance on initial information when deciding.

What is the tendency to underestimate the time, cost, or risk of an action, while overestimating its benefits?

Planning fallacy

Explanation

Underestimating costs and risks, overestimating benefits.

Which bias involves placing greater value on items merely because you own them?

Endowment effect

Explanation

Overvaluing possessions simply because of ownership.

Which of the following biases involves making decisions based on the emotional response they elicit rather than rational analysis?

Emotional bias

Explanation

Decisions influenced by emotional reactions.

Which heuristic involves adjusting an initial estimate too little in response to new, relevant information?

Anchoring and adjustment heuristic

Explanation

Insufficiently updating estimates with new data.

What is the tendency to make decisions based on how the choices are framed, rather than the actual outcomes?

Framing effect

Explanation

Decisions influenced by how choices are presented.

#10

Which of the following biases involves giving disproportionate weight to recent events when making decisions?

Recency bias

Explanation

Overemphasizing recent events in decision-making.

Decision-Making Heuristics and Biases Quiz

Which heuristic involves making decisions based on the most readily available information?

What is the tendency to favor information that confirms pre-existing beliefs or hypotheses, while ignoring or rejecting contradictory evidence?

Which heuristic involves estimating the likelihood of an event based on how similar it is to a typical prototype?

What is the tendency to rely too heavily on the first piece of information encountered when making decisions?

What is the tendency to underestimate the time, cost, or risk of an action, while overestimating its benefits?

Which bias involves placing greater value on items merely because you own them?

Which of the following biases involves making decisions based on the emotional response they elicit rather than rational analysis?

Which heuristic involves adjusting an initial estimate too little in response to new, relevant information?

What is the tendency to make decisions based on how the choices are framed, rather than the actual outcomes?

Which of the following biases involves giving disproportionate weight to recent events when making decisions?

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