The common thinking errors behind bad decisions and bad arguments. Each one comes with an everyday example, so you can catch it in yourself and in other people.
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The mental shortcuts that steer everyday choices about money, risk and time, and the research by Kahneman and Tversky that named many of them.
41 total questions
Card #1
Anchoring
Card #2
Availability heuristic
Card #3
Representativeness heuristic
1. A cinema sells small popcorn for 3 pounds, medium for 6.50 pounds and large for 7 pounds. Most people now buy the large, though few did before the medium size existed. Which effect is the cinema using?
2. Students who were handed a free mug a few minutes earlier asked for much more money to sell it than other students were willing to pay for the same mug. Which bias does this show?
3. A company changes its pension scheme so that new staff are enrolled automatically and must fill in a form to leave. Far more staff end up saving, though nothing else about the scheme changed. Which effect explains this?
1. In 1974 Amos Tversky and Daniel ___ published 'Judgment under Uncertainty: Heuristics and Biases' in the journal Science.
Hint: He later won a Nobel prize
2. Kahneman's 2011 bestseller about the two systems of thought is called ___, Fast and Slow.
Hint: A verb ending in -ing
3. Herbert Simon argued that people have ___ rationality: they decide with limited time, information and brainpower.
Hint: Limited, or kept within edges
