Judgment and Decision Making

Who is credited with the Nobel Prize-winning work on bounded rationality, which argues that human decisions are limited in their rationality?

What is the core idea of the 'bounded rationality' framework?

According to the six-step model for a rational decision outlined by Bazerman and Moore, what is the first step?

What are heuristics, as described in the context of decision-making biases?

The quiz on uncertain quantities, where individuals provide a range they are 98 percent confident in, is designed to highlight which specific bias?

In the overconfidence quiz, if a person was justifiably 98 percent confident, how many of their 10 ranges should they expect to include the actual value?

The problem about executive-level management fraud, which asks if the incidence is more or less than 10 in 1,000 firms, demonstrates which bias?

In the anchoring problem regarding executive fraud, what was the lower anchor value presented to one group of students?

The avian disease problem, where choices are presented as '200 people will be saved' versus '400 people will die', illustrates which decision-making bias?

In the 'saving lives' frame of the avian disease problem, what do most people choose and what does this indicate about their risk preference?

How does people's risk preference typically change when a problem is framed in terms of losses instead of gains?

Which concept, proposed by Thaler, suggests that we give greater weight to present concerns than to future concerns?

The idea that we sometimes care about the outcomes of others, even to the point of forgoing our own benefits, is known as what?

What is 'bounded ethicality'?

The concept of 'bounded awareness' refers to which phenomenon?

What are the characteristics of System 1 decision making, according to Stanovich and West?

Which type of decision making is described as slower, conscious, effortful, explicit, and logical?

According to the chapter, what is the key to reducing the effects of bias and improving our decisions?

Under what conditions are people more likely to rely on System 1 thinking?

What is the main idea behind Thaler and Sunstein's book 'Nudge'?

How can changing the default option for 401(k) retirement plans dramatically improve enrollment rates?

According to the cross-European organ donation study, what is the difference in consent rates between opt-in and opt-out policies?

What is the definition of the 'Anchoring' bias?

What does the term 'Framing' refer to in the context of decision-making biases?

In the avian disease problem, Program B states that there is a one-third probability that 600 people will be saved and a two-thirds probability that no people will be saved. Which other program is objectively identical to Program B?

What was the academic relationship between Tversky, Kahneman, and Simon's research?

What is a common example of bounded willpower mentioned in the chapter?

In the overconfidence quiz, which of the following was one of the 10 uncertain quantities participants were asked to estimate?

What is the general finding from early research by Fischhoff (1982) regarding awareness of biases?

Who developed the concept of bounded awareness, referring to the failure to notice important available information?

What is the expected number of saved people if Program A is adopted in the avian disease problem?

What is the higher anchor value used in the classroom version of the executive fraud problem?

The finding that people presented with an anchor of 10 give answers about one-half the size of those given an anchor of 200 illustrates what aspect of the anchoring bias?

Which of the following is NOT one of the six steps of rational decision making outlined by Bazerman and Moore?

What is the defining characteristic of System 2 thinking?

The chapter suggests that for most everyday decisions, such as shopping for groceries, which system of thinking is typically sufficient?

According to the vocabulary section, what is the definition of 'Overconfidence' as a bias?

In Problem 3, the alternative to Program A (200 people will be saved) is Program B. What are the terms of Program B?

What is the primary contribution of Tversky and Kahneman's research to the field of decision making?

The phrase 'our cognitive limitations prevent us from being fully rational' is the cornerstone of which concept?

The fact that most people choose Program D (probabilistic loss) over Program C (sure loss) in the avian disease problem suggests that when it comes to losses, people are generally:

What is the sixth and final step in the rational decision-making process outlined in the chapter?

Which contemporary development in decision making, introduced by Chugh, Banaji, and Bazerman, deals with unconscious limits on our own morality?

An example of a 'decision architect' changing an environment to trigger better decisions is:

How much more likely are people to give to organ donation when there is an opt-out policy versus an opt-in policy, according to the numbers in the Johnson and Goldstein study?

The vocabulary section defines 'Biases' as:

What is the primary characteristic of thinking with heuristics?

When is it preferable to engage System 2 logic, according to the chapter?

In the overconfidence quiz (Problem 1), despite participants claiming 98 percent confidence, what was the actual performance range for most?

Which of these is NOT a contemporary development in decision research mentioned in the chapter as a type of 'bound'?