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Understanding Anchoring Bias in Decision-Making

Understanding Anchoring Bias in Decision-Making

Assessment

Flashcard

Mathematics

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is anchoring bias?

Back

Anchoring bias is a cognitive bias that occurs when individuals rely too heavily on the first piece of information they encounter (the 'anchor') when making decisions.

2.

FLASHCARD QUESTION

Front

Why is anchoring bias considered a cognitive bias?

Back

It relies on initial information, which can skew judgment and decision-making.

3.

FLASHCARD QUESTION

Front

How does anchoring bias affect students' decision-making?

Back

It causes reliance on initial grades, which may influence their self-assessment and future performance.

4.

FLASHCARD QUESTION

Front

What is a common problem associated with anchoring bias?

Back

It overlooks alternatives, leading to potentially poor decision-making.

5.

FLASHCARD QUESTION

Front

Give an example of anchoring bias in everyday life.

Back

Basing a guess on the first number heard, such as when estimating a price after hearing a high initial price.

6.

FLASHCARD QUESTION

Front

What is a common result of anchoring bias?

Back

Difficulty considering alternatives, which can limit effective decision-making.

7.

FLASHCARD QUESTION

Front

How can anchoring bias impact negotiations?

Back

It can lead to sticking too closely to initial offers or demands, affecting the negotiation outcome.

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