Bias
What bias is shown in the PayLess video
Anchoring
What is the Empirical Rule
68, 95, 99
What is the Z score formula
Z = (value-mean)/Sd
What is the expected value formula
E = X(p)
What bias is shown via the game of roulette
recency
What % of values are in between -1 and 1 standard deviation away from eachother
68%
When looking at a Z score table, you find the area for your specific Z score is .1
What is the area if the question is a "Less" than question?
.1
What is Standard Deviation Formula
Sd = Sqrt(x-u)^2/n-1
T
What % of values are in between -2 and 2 SD of eachother
95%
When looking at a Z score table, you find the area for your specific Z score is .1
What is the area if the question is a "Greater" than question?
.9
What is mean formula
Sum of numbers/ total # of numbers
What bias is when someone believes they are more qualified than they actually are.
Overconfidence
What % of values are in between -3 and 3 standard deviations away from eachother
99%
When finding an area in between two points, how many Z scores must you calculate?
2
What method do we use to find median?
Cross off method
Ben goes to the market, he sees a lemonade stand and wants to quench his throst. He asks how much one lemonade is, the person running the stand says $15, Ben thinks this must be the best lemonade in the world and pays it. What bias is being used here?
Anchoring
What is represented by the 1% remaining of the empirical rule?
Outliers
T or F, Z scores is another way to calculate how many SD away from the mean a specific value is
T
Right