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You are part of a group making a decision about whether it is appropriate to discontinue research on a new drug. This
new drug would save lives, but it is uncertain whether you can develop it within a reasonable time frame and at a
reasonable cost. Your firm has already spent a small fortune on this drug. You have gathered so much information in preparation to making the decision that you are unable to sort the good information from the superfluous data. Well after you have started trying to make a decision, new information comes to light that implies that the drug may be able to be synthesized much more cheaply than was previously thought.
What must you try to avoid when integrating this new information?
A) anchoring bias
B) overconfidence bias
C) confirmation bias
D) availability bias
E) representative bias
new drug would save lives, but it is uncertain whether you can develop it within a reasonable time frame and at a
reasonable cost. Your firm has already spent a small fortune on this drug. You have gathered so much information in preparation to making the decision that you are unable to sort the good information from the superfluous data. Well after you have started trying to make a decision, new information comes to light that implies that the drug may be able to be synthesized much more cheaply than was previously thought.
What must you try to avoid when integrating this new information?
A) anchoring bias
B) overconfidence bias
C) confirmation bias
D) availability bias
E) representative bias
c)
confirmation bias= tendancy to seek out information that reaffirms past choices an to discount information that contradicts past judgements
confirmation bias= tendancy to seek out information that reaffirms past choices an to discount information that contradicts past judgements
Tags: Common bias and errors n decision making- confirmation bias
Source: p.185
Source: p.185
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Flashcard info:
Author: Elisa
Main topic: Business Economics
School / Univ.: Hanze Hogeschool
City: Groningen
Published: 14.02.2010