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Individual Decision Making: Intelligence: Individual Heuristics & Biases

This 3-page document discusses various cognitive biases and heuristics that can influence individual decision making, such as status quo bias, confirmation bias, sunk cost fallacy, framing effects, recallability bias, and base rate neglect. It also provides examples of how framing questions differently can provoke entirely different responses, and includes a comparison of potential lifetime earnings starting salaries of $25,000 versus $35,000 at age 25.

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448 views4 pages

Individual Decision Making: Intelligence: Individual Heuristics & Biases

This 3-page document discusses various cognitive biases and heuristics that can influence individual decision making, such as status quo bias, confirmation bias, sunk cost fallacy, framing effects, recallability bias, and base rate neglect. It also provides examples of how framing questions differently can provoke entirely different responses, and includes a comparison of potential lifetime earnings starting salaries of $25,000 versus $35,000 at age 25.

Uploaded by

api-25888404
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Intelligence:

Individual
Heuristics &
Biases Individual
decision making

MGS4000
Julie Liggett De Jong

More Efficient Speedy

No Meetings No Discussions

1
Consistent Values Clear Accountability

The heuristics we use


may need to be
But we make
“recalibrated”

PREPARE!
Starting Salary $25,000 $35,000
at Age 25
Working Life 30 years
Salary at age 55 $200,627 $280,878
PREPARE!!
Total earned $2.5 M $3.5 M
over lifetime

PREPARE!!!

2
Status Quo Trap The Confirming
Evidence Trap

The Sunk Costs Trap

How you frame a


The Framing
question will oftenTrap
provoke an entirely
different response.

3
PRO LIFE
CHOICE The
Recallability
Trap

“Four out of
five dentists
The Base Rate Trap surveyed
recommend
Trident for
their patients
that chew
gum.”

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