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Choice architecture is the design of different ways in which choices can be presented to decision makers, and the impact of that presentation on decision-making. For example, each of the following: the number of choices presented [1] the manner in which attributes are described [2] the presence of a "default" [3] [4] can influence consumer choice.
Blindspots analysis or blind spots analysis is a method aimed at uncovering obsolete, incomplete, or incorrect assumptions in a decision maker’s mental scheme of the environment. Michael Porter used the term "blind spots" to refer to conventional wisdom which no longer holds true, but which still guides business strategy. [ 1 ]
Biases specific to groups (such as the risky shift) versus biases at the individual level. Biases that affect decision-making, where the desirability of options has to be considered (e.g., sunk costs fallacy). Biases, such as illusory correlation, that affect judgment of how likely something is or whether one thing is the cause of another.
The objective of it is to encourage trainees to make errors and encourage them in reflection to understand the causes of those errors and to identify suitable strategies to avoid making them in future. [1] Various biases in thinking and decision-making have been highlighted by Daniel Kahneman and have been shown to cause cognitive errors in ...
A good example of this is a study showed that when making food choices for the coming week, 74% of participants chose fruit, whereas when the food choice was for the current day, 70% chose chocolate. Insensitivity to sample size , the tendency to under-expect variation in small samples.
Debiasing is the reduction of bias, particularly with respect to judgment and decision making. Biased judgment and decision making is that which systematically deviates from the prescriptions of objective standards such as facts, logic, and rational behavior or prescriptive norms. Biased judgment and decision making exists in consequential ...
In the context of decision making, alignability can influence choices or the ability to make a similarity judgement of a potential option. [17] The alignment process enables a person to draw similarities and difference which impact their choice-supportive biases.
The neglect of probability, a type of cognitive bias, is the tendency to disregard probability when making a decision under uncertainty and is one simple way in which people regularly violate the normative rules for decision making. Small risks are typically either neglected entirely or hugely overrated.