Problem Solving, Decision-Making, and Biases (6B) - Psych & Soc

Identify the bias: a person revises an estimate toward an initial number they first saw.

Anchoring bias. Initial values bias subsequent adjustments.
What is the hindsight bias?

Seeing outcomes as predictable after they have occurred. Memory reconstructs past uncertainty as certainty.
What is a heuristic in problem solving?

A quick rule-of-thumb strategy that is efficient but error-prone. Mental shortcuts save time but can lead to systematic errors.
What is anchoring and adjustment bias?

Overreliance on an initial value and insufficient adjustment from it. First information disproportionately influences subsequent judgments.
What does prospect theory predict about losses versus gains of equal size?

Losses are weighted more heavily than equivalent gains (loss aversion). People feel losses about twice as strongly as gains.
What is the difference between trial-and-error and the means-end analysis strategy?

Trial-and-error is unsystematic; means-end reduces differences via subgoals. Means-end is systematic, breaking problems into manageable steps.
What is base rate neglect?

Ignoring population prevalence when estimating probability. Specific details overshadow general frequency information.
What is the mental set bias in problem solving?

Tendency to use a familiar strategy even when it is not optimal. Prior successful strategies create inertia, impeding adaptation to new problems requiring alternative approaches.
What is hindsight bias?

After learning outcomes, viewing them as having been predictable. Knowledge of results creates illusion of foresight.
What is base rate neglect?

Ignoring population prevalence when estimating probability. Statistical error that leads to overestimating rare events.
What is the gambler's fallacy?

Belief that independent random events are influenced by recent outcomes. Misunderstanding that each event has independent probability.
Which bias best fits: continuing a failing project because you already spent money on it?

Sunk cost fallacy. Past investment irrationally drives future commitment.
What is the overconfidence bias in decision-making?

Overestimating the accuracy of one's knowledge or predictions. People systematically underestimate their uncertainty.
What is base rate neglect?

Ignoring population frequencies when estimating probability. Specific details overshadow general statistical information.
What is the difference between an algorithm and a heuristic in problem solving?

Algorithm: guaranteed method; heuristic: quick shortcut, not guaranteed. Algorithms follow systematic steps; heuristics use mental shortcuts.
What is the overconfidence bias?

Overestimating the accuracy of one's knowledge or judgments. Metacognitive error in assessing one's own abilities.
What is the overconfidence bias?

Overestimating the accuracy of one's judgments or knowledge. Metacognitive error in assessing one's own competence.
What is the overconfidence effect?

Overestimating the accuracy of one's judgments or knowledge. People think they're more accurate than they actually are.
What is the framing effect, and what aspect of presentation drives it?

Choices change with wording; driven by gain vs loss framing. Risk-seeking for losses, risk-averse for gains.
What is hindsight bias?

Viewing outcomes as predictable after they have occurred. Makes past events seem more predictable than they actually were.
Identify the bias: refusing to change a view after the supporting evidence is retracted.

Belief perseverance. Commitment to disproven beliefs shows cognitive rigidity.
What does prospect theory predict about losses versus gains of equal size?

Losses are weighted more than equivalent gains (loss aversion). People feel losses about twice as strongly as equivalent gains.
What is anchoring bias in judgment?

Relying too heavily on an initial value when making estimates. First information disproportionately shapes subsequent judgments.
Identify the bias: A juror is swayed by the first number mentioned in negotiations.

Anchoring and adjustment bias. Initial values unduly influence final estimates.
What is trial-and-error problem solving?

Attempting multiple solutions until one works, without systematic strategy. This approach tests options randomly or sequentially until success, lacking a structured plan but effective for limited possibilities.
What is functional fixedness in problem solving?

Inability to see an object being used for a new function. Limits creative problem-solving by restricting perceived uses.
Which bias best fits: concluding a quiet person is a librarian while ignoring base rates?

Representativeness heuristic (base rate neglect). Stereotype fits, so statistical rarity is ignored.
Identify the bias: estimating plane-crash risk as high after news coverage.

Availability heuristic. Media coverage makes rare events seem more probable.
What is the base rate fallacy?

Ignoring prior probabilities (base rates) when evaluating likelihood. Occurs when specific information overshadows general statistics.
What is the difference between an algorithm and a heuristic?

Algorithm guarantees solution; heuristic is faster but error-prone. Algorithms methodically ensure accuracy, whereas heuristics prioritize speed via approximations, risking inaccuracies.
What is anchoring bias?

Relying too heavily on an initial value when making estimates. First information disproportionately influences subsequent judgments.
What is a mental set in problem solving?

A tendency to use previously successful strategies even when inappropriate. Past success creates cognitive rigidity that blocks new approaches.
What is overconfidence bias?

Overestimating the accuracy of one's judgments or knowledge. People systematically overrate their abilities and predictions.
What is confirmation bias in decision-making?

Seeking or interpreting evidence that supports existing beliefs. Leads to ignoring contradictory evidence and cherry-picking data.
What is anchoring bias?

Relying too heavily on an initial value when making estimates. First information disproportionately influences subsequent judgments.
What is an algorithm in problem solving?

A step-by-step procedure that guarantees a solution if one exists. Like a recipe, it follows exact steps to reach the answer.
According to prospect theory, which feels larger: losing $100 or gaining $100?

Losing $100 feels larger (loss aversion). People feel losses about twice as strongly as equivalent gains.
What is the anchoring effect?

Overreliance on an initial value when making estimates. First information disproportionately influences judgment.
What is the conjunction fallacy?

Belief that $P(A\cap B) > P(A)$ , which is impossible. This error defies probability axioms, as joint events cannot have higher likelihood than individual components.
Identify the bias: despite new data, a researcher interprets results to fit the original hypothesis.

Confirmation bias. Selective focus on supportive data preserves initial theories, biasing interpretation of new information.
What is anchoring bias?

Relying too heavily on an initial value when making subsequent judgments. Initial information sets a reference point, insufficiently adjusted in subsequent estimates despite irrelevance.
What is hindsight bias?

After outcomes occur, believing one "knew it all along". Retrospective distortion reconstructs past beliefs, exaggerating foreseeability after event knowledge.
What is confirmation bias in decision-making?

Seeking or interpreting information to support an existing belief. Cherry-picking evidence that confirms what you already think.
Identify the bias: You only read articles supporting your preferred treatment option.

Confirmation bias. Selective attention to confirming evidence while ignoring disconfirming data.
What is anchoring and adjustment in judgment?

Relying heavily on an initial value and insufficiently adjusting from it. First information disproportionately influences all subsequent judgments.
What is the framing effect in decision-making?

Choices change depending on gain-versus-loss presentation. Same outcomes valued differently based on wording as gains/losses.
Identify the bias: A person keeps gambling to "recover" money already lost.

Sunk cost fallacy. Throwing good money after bad due to prior losses.
What is the overconfidence bias?

Overestimating the accuracy of one's knowledge or judgments. Metacognitive error leads to poor calibration of certainty.
What is the framing effect?

Choices change depending on whether outcomes are framed as gains or losses. Same outcome valued differently based on gain vs. loss presentation.
What is the representativeness heuristic in decision-making?

Judging probability by similarity to a prototype or stereotype. Ignores base rates in favor of stereotypical features.
Identify the bias: A clinician ignores prevalence and diagnoses by "typical" symptoms.

Representativeness heuristic (base-rate neglect). Ignoring statistical prevalence when judging by similarity.
Identify the bias: Concluding a quiet person is a librarian despite low librarian prevalence.

Representativeness heuristic (base rate neglect). Stereotypical match ignores statistical base rates.
What is prospect theory's core claim about losses versus gains of equal magnitude?

Losses are weighted more heavily than equivalent gains. Psychological pain of loss exceeds pleasure of equal gain.
What is the availability heuristic in decision-making?

Judging likelihood by how easily examples come to mind. Recent or vivid memories bias probability estimates.
What is loss aversion?

Losses are weighted more heavily than equivalent gains. Psychological asymmetry makes losses more impactful than gains.
What is the availability heuristic?

Judging likelihood by how easily examples come to mind. Memory salience influences probability assessments, often overemphasizing vivid or recent events over statistical data.
Identify the bias: After buying a car, you notice that model "everywhere."

Frequency illusion (Baader–Meinhof phenomenon). Heightened awareness creates illusion of increased frequency.
Identify the bias: Ignoring base rates because a case "matches" a stereotype.

Representativeness heuristic. Stereotypes override statistical base rates in judgment.
What is an algorithm in problem solving?

A step-by-step procedure that guarantees a solution when followed. Like a recipe, it provides exact steps that always work if followed correctly.
What is the framing effect in decision-making?

Choices change depending on whether outcomes are presented as gains or losses. Same information yields different decisions based on wording.
What is functional fixedness?

Inability to see an object's uses beyond its typical function. Cognitive bias that limits creative problem-solving approaches.
What is the hindsight bias?

After outcomes, perceiving events as having been predictable. Retrospective distortion makes outcomes seem inevitable.
What is a heuristic in problem solving?

A quick rule-of-thumb strategy that is efficient but error-prone. Mental shortcuts that save time but may lead to systematic errors.
What is loss aversion?

Tendency to prefer avoiding losses over acquiring equivalent gains. Psychological weighting favors loss prevention, driving conservative choices to mitigate perceived greater negative impact.
What is belief perseverance?

Maintaining a belief despite clear contradictory evidence. Cognitive dissonance resistance preserves existing views.
What is confirmation bias?

Seeking or interpreting evidence to support an existing belief. Cognitive selectivity favors information aligning with preconceptions, ignoring contradictory evidence in evaluations.
What is a heuristic in problem solving?

A fast rule-of-thumb strategy that may not always be correct. Mental shortcuts that save time but can lead to errors.
What is anchoring and adjustment in estimation?

Relying on an initial value and insufficiently adjusting. First information disproportionately influences final estimates.
What is insight in problem solving?

A sudden realization of a solution after restructuring the problem. The "aha!" moment when pieces suddenly fit together.
What is hindsight bias?

Seeing past events as having been predictable after they occur. "I knew it all along" feeling after learning outcomes.
Identify the bias: After an exam, thinking the questions were obvious all along.

Hindsight bias. Outcome knowledge creates false sense of predictability.
What is confirmation bias when evaluating evidence for a belief or hypothesis?

Seeking or interpreting evidence that supports existing beliefs. Leads to ignoring disconfirming evidence systematically.
Identify the bias: You keep a failing project because you already spent $5000$ .

Sunk cost fallacy. The $5000$ is gone regardless; only future costs/benefits matter.
What is an algorithm in problem solving?

A step-by-step procedure that guarantees a solution if followed correctly. Systematic approach ensures completeness but may be time-consuming.
What is belief perseverance?

Maintaining a belief despite disconfirming evidence. Cognitive dissonance resistance protects self-concept.
What is the framing effect?

Decisions change depending on whether options are presented as gains or losses. Wording influences risk preferences in mathematically identical choices.
What does prospect theory predict about losses versus gains?

Losses loom larger than gains; people are more sensitive to losses. Asymmetric valuation in prospect theory heightens sensitivity to potential losses compared to equivalent gains.
Identify the bias: Assuming a coin is "due" for heads after many tails.

Gambler's fallacy. Misunderstanding independence in random sequences.
What is functional fixedness?

Failure to see an object can be used for a novel function. This cognitive barrier restricts innovation by limiting perceptions of objects to their conventional purposes.
What is a heuristic in problem solving?

A fast rule-of-thumb strategy that may be error-prone. Mental shortcuts that sacrifice accuracy for speed and efficiency.
Identify the bias: "I read only articles supporting my view and ignore opposing evidence."

Confirmation bias. Selective attention maintains existing beliefs.
Identify the bias: "I knew that would happen" after learning an outcome.

Hindsight bias. Retrospectively overestimating predictability of past events.
What is the representativeness heuristic?

Judging probability by similarity to a prototype, often ignoring base rates. Similarity to stereotypes guides judgments, frequently disregarding actual prevalence or base rate information.
Identify the bias: After the exam, you say you "knew it all along."

Hindsight bias. Retroactively overestimating your ability to predict the outcome.
Identify the bias: valuing a mug more once you own it than before you owned it.

Endowment effect. Ownership increases perceived value through loss aversion.
What is functional fixedness?

Failure to see an object's possible uses beyond its typical function. Limits creative problem-solving by constraining perceived options.
Identify the bias: a clinician overestimates a disorder after seeing several recent cases.

Availability heuristic. Recent instances heighten perceived prevalence, distorting risk assessments via memory accessibility.
Which bias best explains refusing to change a diagnosis despite new lab results?

Belief perseverance. Clinging to initial diagnosis despite contradictory evidence.
What is insight (the "Aha" experience) in problem solving?

A sudden realization of a solution after restructuring the problem. Often occurs when viewing the problem from a new perspective.
What is belief perseverance after disconfirming evidence is presented?

Maintaining a belief despite evidence that contradicts it. Cognitive dissonance drives resistance to changing views.
What is belief perseverance?

Maintaining a belief despite evidence that disconfirms it. Clinging to disproven beliefs because changing is psychologically costly.
What is base rate neglect?

Ignoring prior probabilities when estimating likelihoods. Specific details overshadow general statistical data, leading to flawed probability estimations in decision-making.
What is the conjunction fallacy?

Judging $P(A \cap B)$ as more likely than $P(A)$ alone. Violates basic probability: specifics can't be more likely than general.
Identify the bias: a physician judges a disease likely because recent cases were vivid.

Availability heuristic. Memorable cases distort probability estimates.
What is confirmation bias in decision-making?

Seeking or interpreting information to support existing beliefs. Selective attention reinforces preconceptions.
What is mental set in problem solving?

Tendency to use previously successful strategies even when inappropriate. Past solutions create cognitive inertia in new contexts.
What is the framing effect in decision-making?

Choices change depending on whether outcomes are presented as gains or losses. Wording influences risk perception and decision preferences.
Identify the bias: After an outcome, a student says, "I knew it would happen."

Hindsight bias. Retrospectively feeling outcomes were predictable.
What is loss aversion in prospect theory?

Losses are weighted more heavily than equivalent gains. People feel losses about twice as strongly as equivalent gains.
What is the conjunction fallacy in probability judgments?

Belief that $P(A \cap B) > P(A)$ or $P(B)$ . Violates basic probability: conjunctions can't exceed single events.
What is the conjunction fallacy?

Belief that $P(A \cap B) > P(A)$ or $P(B)$ . Violates probability rule: joint events can't exceed single events.
What does prospect theory predict about losses versus equal gains?

Losses are weighted more heavily than equivalent gains (loss aversion). People feel losses about twice as strongly as equivalent gains.
Identify the bias: After five heads, believing tails is now "due" on a fair coin.

Gambler's fallacy. Each coin flip has 50% odds regardless of previous outcomes.
What is functional fixedness?

Failure to see an object's use beyond its typical function. Can't see a brick as a doorstop because you only think "building material."
What is the mental set bias in problem solving?

Tendency to use previously successful strategies even when inappropriate. Like trying the same key in every lock because it worked once.
Identify the bias: Overweighting dramatic plane crashes when judging travel risk.

Availability heuristic. Vivid, memorable events distort risk perception.
What does prospect theory predict about losses versus gains?

Losses loom larger than gains (loss aversion). People feel losses about twice as strongly as equivalent gains.
What is the sunk cost fallacy?

Continuing a behavior due to past investments rather than future value. Past costs shouldn't influence future decisions but often do.
What is loss aversion in prospect theory?

Losses are weighted more strongly than equivalent gains. Psychological pain of losing exceeds pleasure of gaining.
What is the framing effect in decision-making?

Choices change depending on whether outcomes are presented as gains or losses. Presentation context influences risk perception, altering preferences based on gain or loss emphasis.
Identify the bias: "I already spent $200, so I must keep going even if it will not help."

Sunk cost fallacy. Past investment wrongly justifies future spending.
What is the definition of the availability heuristic in decision-making?

Judging likelihood by how easily examples come to mind. Recent or vivid memories bias probability estimates.
What is an algorithm in problem solving?

A step-by-step procedure that guarantees a solution if followed correctly. Like a recipe that always produces the same dish when followed exactly.
What is mental set in problem solving?

Tendency to use previously successful strategies even when inappropriate. Past success creates cognitive rigidity in new situations.
What is the difference between an algorithm and a heuristic?

Algorithm guarantees solution; heuristic speeds decisions without guarantee. Algorithms are slow but certain; heuristics are fast but fallible.
What is a mental set in problem solving?

Tendency to use previously successful strategies, even when suboptimal. Past success creates cognitive rigidity, blocking new approaches.
What is a heuristic in the context of problem solving and decision-making?

A fast rule-of-thumb strategy that may be error-prone. Mental shortcuts that sacrifice accuracy for speed and efficiency.
What is anchoring bias?

Relying too heavily on an initial value when making estimates. First information disproportionately influences subsequent judgments.
What is a mental set in problem solving?

Tendency to use familiar solutions even when ineffective. Past successful strategies can block new approaches to problems.
Identify the bias: "I failed because the test was unfair; others failed because they are lazy."

Fundamental attribution error. This bias attributes others' failures internally while excusing personal ones situationally, overemphasizing disposition.
What is overconfidence bias?

Overestimating the accuracy of one's knowledge, judgments, or predictions. Self-assessment flaws inflate perceived competence, contributing to errors in forecasting and judgment accuracy.
What is the difference between convergent and divergent thinking?

Convergent: one solution; Divergent: many possible solutions. Convergent narrows to one answer; divergent explores multiple possibilities.
What is the sunk cost fallacy in decision-making?

Continuing due to past investment rather than future benefit. Irrational because past costs cannot be recovered.
What is confirmation bias?

Seeking or interpreting evidence to support existing beliefs. Selective attention to confirming data while ignoring contradictions.
What is belief perseverance?

Maintaining beliefs despite clear contradictory evidence. Initial beliefs resist change even when proven wrong.
What is the framing effect in decision-making?

Choices change depending on whether outcomes are framed as gains or losses. Presentation context influences risk preferences.
What is the gambler's fallacy?

Belief that past random outcomes change future independent probabilities. Misunderstanding independence in random sequences.
What is anchoring bias in judgment and decision-making?

Overreliance on an initial value when making estimates. First information disproportionately influences subsequent judgments.
What is prospect theory's key prediction about losses versus gains?

Losses weigh more than equivalent gains (loss aversion). People feel losses about twice as strongly as gains.
What is the definition of the representativeness heuristic?

Judging probability by similarity to a prototype, ignoring base rates. Stereotypical features override statistical probabilities.
What is the sunk cost fallacy?

Continuing a choice due to past investment rather than current costs/benefits. Irrecoverable investments irrationally influence persistence, overriding objective future cost-benefit analysis.
Identify the bias: Ignoring base rates and focusing on a vivid case description.

Base rate neglect. Occurs when representativeness heuristic overrides statistical probability.
What is the sunk cost fallacy?

Persisting due to past investment rather than current costs and benefits. Past costs irrationally influence future decisions.
What is a heuristic in decision-making?

A fast, simple rule-of-thumb that reduces effort but can increase error. Heuristics employ mental shortcuts to expedite decisions in complex scenarios, sacrificing precision for efficiency.
What is confirmation bias in hypothesis testing?

Seeking evidence that supports a belief and discounting disconfirming data. Selective attention to confirming evidence distorts reasoning.
What is the base rate fallacy?

Ignoring population prevalence when judging the probability of a case. Forgetting how rare something is when judging individual cases.
What is the endowment effect?

Valuing an owned item more than the same item when not owned. Ownership psychologically enhances item value via attachment and loss aversion principles.
What is a heuristic in problem solving, and what is its main trade-off versus an algorithm?

A mental shortcut; faster but more error-prone than algorithms. Trades accuracy for speed in reaching solutions.
What is the availability heuristic?

Judging likelihood by how easily examples come to mind. Recent or memorable events seem more probable than they are.
What is the sunk cost fallacy?

Persisting due to past investment rather than current costs and benefits. Past costs shouldn't influence future decisions, but they do.
What is insight in problem solving?

A sudden realization of a solution without conscious step-by-step reasoning. Insight emerges from unconscious cognitive restructuring, yielding abrupt problem resolution without deliberate analysis.
Which bias best fits: estimating disease risk as high after seeing one vivid case?

Availability heuristic. Vivid memory makes rare event seem common.
What is belief perseverance?

Maintaining a belief even after the evidence for it has been discredited. Shows how beliefs resist contradictory information.
Identify the bias: Refusing to abandon a failing project due to prior spending.

Sunk cost fallacy. Past investments irrationally influence current decisions.
What is overconfidence bias?

Overestimating the accuracy of one's knowledge or predictions. Metacognitive failure leads to inflated self-assessment.
Identify the bias: choosing a sure gain but gambling to avoid a sure loss in equivalent options.

Framing effect (consistent with prospect theory). Loss aversion makes people risk-seeking to avoid losses.
What is the representativeness heuristic in probability judgment?

Judging likelihood by similarity to a prototype. Stereotypes override statistical reasoning in probability estimates.
Identify the bias: ignoring base rates because a case seems typical of a group.

Base rate neglect (often via representativeness heuristic). Typicality overshadows actual statistical frequencies.
Which probability is always larger: $P(A)$ or $P(A \cap B)$ ?

$P(A)$ . Single events always have higher probability than their conjunctions.
What is overconfidence bias in judgments about one's own accuracy or ability?

Overestimating the correctness of one's beliefs or predictions. Metacognitive failure in assessing one's own knowledge limits.
What is the gambler's fallacy?

Belief that past independent outcomes change future probabilities. Mistakenly thinking random events "balance out" in short runs.
What is a heuristic in problem solving?

A fast rule-of-thumb strategy that may not guarantee a correct solution. Mental shortcuts that sacrifice accuracy for speed.
What is functional fixedness?

Inability to see alternative uses for an object beyond its typical function. Mental rigidity prevents creative problem-solving approaches.
If a fair coin lands heads 5 times, what is $P(\text{heads on next flip})$ ?

$\frac{1}{2}$ . Each flip is independent; previous outcomes don't affect probability.
What is base rate neglect?

Ignoring population prevalence when estimating probability. Specific case details overshadow general frequency data.
Identify the bias: You estimate a value by starting at $100$ and barely adjusting.

Anchoring bias. The initial $100$ serves as an anchor that biases final estimates.
What is the difference between an algorithm and a heuristic in problem solving?

Algorithm: step-by-step guaranteed; heuristic: fast rule, not guaranteed. Algorithms guarantee solutions but are slower; heuristics are mental shortcuts.
What is the anchoring and adjustment heuristic?

Relying on an initial value and insufficiently adjusting from it. First information disproportionately influences subsequent judgments.
Which probability is always larger: $P(A)$ or $P(A\cap B)$ ?

$P(A)$ is always greater than or equal to $P(A\cap B)$ . Probability theory requires that the likelihood of an event encompasses all intersections, making it at least as large.
What is the gambler's fallacy when judging random sequences?

Belief that past random events make opposite outcomes more likely. Misunderstands independence of random events.
Identify the bias: "She is quiet, so she is more likely a librarian than a salesperson."

Representativeness heuristic. Stereotypes override statistical base rates.
What is the representativeness heuristic?

Judging probability by similarity to a prototype, ignoring base rates. Stereotyping leads to ignoring statistical probabilities.
What is the availability heuristic in judgment and decision-making?

Estimating likelihood by how easily examples come to mind. Recent or vivid memories bias probability estimates.
What is functional fixedness?

Failure to see alternative uses for an object beyond its typical function. Cognitive bias that limits creative problem-solving.
What is an algorithm in problem solving?

A step-by-step procedure that guarantees a solution if followed correctly. Systematic approach ensures completeness but may be time-consuming.
Identify the bias: "This plane crash seems common because I saw it on the news all week."

Availability heuristic. Media coverage makes rare events seem more probable.
What is the sunk cost fallacy?

Continuing a choice due to past investment rather than future benefit. Past costs irrationally influence future decisions.
Identify the bias: Continuing a failing project because time and money were already spent.

Sunk cost fallacy. Past investments wrongly justify continued commitment.
What is the difference between an algorithm and a heuristic in problem solving?

Algorithm: stepwise guaranteed; heuristic: fast rule-of-thumb, not guaranteed. Algorithms guarantee solutions through systematic steps; heuristics are mental shortcuts.
Identify the bias: Being more risk-seeking when options are described as losses.

Framing effect (prospect theory). Loss frames trigger risk-seeking behavior per Kahneman & Tversky.
Identify the bias: Using representativeness and ignoring base rates in a judgment.

Base rate neglect. Occurs when representativeness overrides statistical base rates.
What is loss aversion in prospect theory?

Losses are weighted more heavily than equivalent gains. People feel losses about twice as strongly as gains.
What is insight in problem solving, and how does it typically feel subjectively?

Sudden realization of a solution; an "aha" experience. Often occurs after incubation when conscious effort stops.
What is an algorithm in problem solving?

A step-by-step procedure that guarantees a solution if correctly applied. Unlike heuristics, algorithms are systematic and ensure correct outcomes.
Identify the bias: Persisting with a failing plan because time and money were already spent.

Sunk cost fallacy. Irrecoverable past investments wrongly justify continued commitment.
What is an algorithm in problem solving?

A step-by-step procedure that guarantees a solution when followed correctly. Algorithms systematically explore possibilities to ensure a definitive solution exists and is found through logical steps.
What is belief perseverance?

Maintaining a belief even after the evidence supporting it is discredited. Cognitive resistance sustains convictions through rationalization, even when foundational evidence is invalidated.
Identify the error: Claiming $P(A \cap B) > P(A)$ for two events.

Conjunction fallacy. Violates the rule that joint probability ≤ individual probabilities.
What is the framing effect in decision-making?

Choices change depending on whether outcomes are presented as gains or losses. Same outcome feels different when worded as gain vs. loss.
What is framing effect in decision-making?

Choices change when the same information is presented differently. Wording influences decisions even when content is identical.
What is a heuristic in problem solving?

A fast rule-of-thumb strategy that may not guarantee a correct solution. Mental shortcuts trade accuracy for efficiency in decision-making.
What is the sunk cost fallacy?

Continuing due to past investment rather than future value. Past costs shouldn't influence future decisions but often do.
What is the key trade-off between algorithms and heuristics?

Algorithms are accurate but slow; heuristics are fast but error-prone. Reflects the speed-accuracy tradeoff in cognitive processing.
What is the gambler's fallacy?

Belief that independent random events are influenced by past outcomes. Mistaking independence for dependence in random sequences.
Identify the bias: concluding a quiet student is a librarian despite low base rate.

Representativeness heuristic. Stereotype matches override actual probability data.
What is belief perseverance?

Maintaining beliefs despite disconfirming evidence. Cognitive inertia prevents belief revision when proven wrong.
What is overconfidence bias?

Overestimating the accuracy of one's knowledge, judgments, or predictions. Most people think they're above average—a statistical impossibility.
What is the anchoring and adjustment bias?

Relying heavily on an initial value and insufficiently adjusting from it. First information disproportionately influences subsequent judgments.
What is an algorithm in problem solving, and what does it guarantee if followed correctly?

A step-by-step procedure that guarantees a correct solution. Systematic approach ensures accuracy but may be time-consuming.
What is functional fixedness in problem solving?

Inability to see alternative uses for an object. Fixating on typical functions prevents creative problem-solving.
Identify the bias: Preferring information that supports your prior belief.

Confirmation bias. Actively seeking supportive evidence while ignoring contradictions.
What is an algorithm in the context of problem solving?

A systematic step-by-step procedure that guarantees a solution. Unlike heuristics, algorithms ensure correct answers through methodical steps.
What is the definition of a mental set in problem solving?

Tendency to use a familiar strategy even when it is not optimal. Past successful approaches can create cognitive rigidity.
What is the hindsight bias?

After learning an outcome, believing it was predictable ("knew-it-all-along"). Memory reconstructs past predictions to match known outcomes.
Identify the bias: refusing to quit a failing project because time and money were already spent.

Sunk cost fallacy. Past investments wrongly justify continued commitment.
What is prospect theory's key claim about losses versus gains?

Losses are weighted more heavily than equivalent gains (loss aversion). People feel losses about twice as strongly as gains.
What is the difference between risk aversion and risk seeking in expected utility terms?

Risk aversion prefers certain utility; risk seeking prefers uncertain utility. Risk-averse choose guaranteed outcomes; risk-seekers gamble for higher payoffs.

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