SEM Cognitive Bias Quiz

What is the Anchoring Effect in cognitive bias?

• Overestimating the importance of events

• Relying too much on the initial piece of information

• Preferring a smaller, sooner payoff

• Viewing oneself as less biased than others

Which cognitive bias involves overestimating the importance and likelihood of events given the greater availability of information?

• Bandwagon Effect

• Availability Heuristic

• Hyperbolic Discounting

• Ostrich Effect

What does the Bandwagon Effect refer to in terms of cognitive bias?

• Basing the strength of an argument on its believability

• Uptake of beliefs and ideas increases the more they are adopted by others

• Viewing oneself as less biased than others

• Overestimating our ability to make accurate predictions

Which bias involves believing that future probabilities are altered by past events, when in fact they are unchanged?

• Gambler's Fallacy

• Clustering Illusion

• Confirmation Bias

• Status Quo Bias

What is the Illusion of Validity in cognitive biases?

• Preferring the current state of affairs over change

• Overestimating our ability to make accurate predictions

• Avoiding negative financial information

• Assuming a person has characteristics because they are a member of a group

Which cognitive bias involves the tendency to retroactively ascribe positive attributes to an option once it has been selected?

• Post-Purchase Rationalisation

• Reactive Devaluation

• Endowment Effect

• Stereotyping

What does the Ostrich Effect refer to in cognitive biases?

• Avoiding negative financial information by pretending it doesn't exist

• Erroneously overestimating the importance of small clusters

• Taking higher risks when perceived safety increases

• Assuming a person has characteristics because they are a member of a group

Which bias involves viewing oneself as less biased than others?

• Blind Spot Bias

• Belief Bias

• Courtesy Bias

• Status Quo Bias

What is the Status Quo Bias?

• Preferring a smaller, sooner payoff

• Preferring the current state of affairs over change

• Viewing oneself as less biased than others

• Assuming a person has characteristics because they are a member of a group

Which cognitive bias involves erroneously overestimating the importance of small clusters or patterns in large data?

• Clustering Illusion

• Confirmation Bias

• Reactive Devaluation

• Risk Compensation