By Definition
The tendency to regard losses as considerably more important than gains of comparable magnitude
What is Loss Aversion?
This is an error in the way we think that can influence our decisions?
What is Cognitive Bias
You go to Starbucks and order a brand new coffee. On your drive to school you realize about half way through the drink that it is not exactly what you wanted. You finish it anyways. This is an example of which bias.
What is The Sunk Cost Fallacy?
The number of beans you originally had in The Bean Game.
What is 20?
The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence
What is Confirmation Bias?
The tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website.
What is FOMO?
This combines economics and psychology to study why people behave the way they do in the real world.
What is Behavioral Economics?
You could explain this bias with DJ Kahled's song "All I do is Win"
What is Overconfidence?
The number of Beans you had to cut in the second round of the Bean Game
What is 7 beans?
The tendency people have to be more confident in their own abilities.
What is Overconfidence?
The tendency to make decisions about a current situation based on what resources you have already invested in the situation.
What is The Sunk Cost Fallacy?
The percentage of people who make purchases based off FOMO.
What is 60%?
Naomi is considering taking a gap year after graduating high school to travel and do a coding bootcamp. However, she’s doubting her decision because most people from her high school plan to go to a 4-year university after graduating. This is what cognitive bias.
What is Herd Mentality?
Another term for Herd Mentality that was in the Kahoot we played.
What is the Bandwagon Effect?
The tendency to conform to the behaviors and beliefs of the people around you.
What is Herd Mentality?
Being THIS can help us avoid cognitive biases. THIS can help us pause long enough to ask questions and stops us from assuming we're right.
What is curiousity?
Name on of the 5 signs of Cognitive Bias from the 1.3 infographic.
What is:
- Only turning on news that confirms your beliefs
- Attributing other's success to just luck
- Blaming others if things don't go your way
- Assuming you are always correct
- Assuming everyone has the same opinions or beliefs.
Suli takes a car out for a test drive and starts to imagine herself as the new owner of the car. When she comes back to the dealership, she is so excited about the car that she is willing to pay over her budget for the car. This is what cognitive bias.
What is Endowment Effect?
What are Inner, Physical, Social, Financial?
The tendency to put more value on things you already own.
What is Endowment Effect?
The tendency to return to a baseline level of happiness regardless of whether you go through a positive or negative experience or event
What is Hedonic Adaptation?
Describe a step you can take to overcome cognitive biases.
answers vary. This could very likely be your 1 short answer question.
Malik finds himself scrolling on social media and making small, frequent purchases for things he doesn’t really need. He likes the feeling of ordering something and getting it delivered within a few days, but then finds that he keeps coming back for more. This is what cognitive bias.
What is Hedonic Adaptation?
What do traditional economists believe?
This is what behavioral economists believe that is different from traditional economists.
What is the belief that people's emotions effect financial decisions. (Or that they make irrational financial decisions)