Understanding Decision-Making and Cognitive Biases

What is the status quo bias?

• A tendency to avoid making decisions

• A tendency to make decisions quickly

• A tendency to stick with familiar choices

• A tendency to prefer new and different options

How does the anchoring effect influence decision-making?

• By making us ignore discounts and offers

• By making us focus on the last piece of information we hear

• By encouraging us to consider all available options

• By causing us to rely heavily on the first piece of information we hear

What is choice overload?

• The tendency to make decisions quickly when stressed

• The difficulty in making a decision when faced with too many options

• The preference for fewer options to choose from

• The ability to make better decisions with more options

What is decision fatigue?

• The tendency to make better decisions over time

• The preference for making decisions in the morning

• The reduced ability to make decisions after making many

• The increased energy from making multiple decisions

Why is second-guessing considered a positive aspect of decision-making?

• It leads to faster decision-making

• It indicates a thoughtful consideration of choices

• It prevents any decision from being made

• It shows a lack of confidence in decisions