1.3 EXIT TICKET Overcoming Cognitive Biases Exit Ticket

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1. Which of the following is TRUE about cognitive biases?

• It is easy to recognize when cognitive biases are influencing our own decisions
• There is rarely anything you can do to combat a cognitive bias’ influence
• There are only a handful of cognitive biases that exist
• Awareness is often the first step to overcoming the influence of a cognitive bias

2. Andrew wants to buy a specific model of a new car. He conducts research and finds many resources that highlight the benefits of that car model. Which cognitive bias might be influencing Andrew’s decision making?

• Confirmation Bias
• Hedonic Adaptation
• The Sunk Cost Fallacy
• Overconfidence

3. Mina wants to start using an investment app that all of her friends are raving about. She hasn’t done any research on the app, but she trusts her friends’ judgment. At home, Mina’s mom points out that Mina is being influenced by FOMO and herd mentality. All of the following are things Mina can do to overcome these cognitive biases EXCEPT…

• Take time to reflect and identify why she is so eager to use the app
• Watch a positive video about the app, download the app, and start using it that day
• Ask people outside her friend group for their opinions and perspectives
• Seek out reviews that talk about the disadvantages of using the app