Biases in Decision Making
- Discuss common biases in decision making.
- Explain the roles of emotion and fairness in decision making.
- Compare reflective and expedient decision making.
focus on a decision and evaluate the decision you made using any two of the following biases: availability, heuristic, bias related to the representative heuristic, bias related to anchoring or adjustment, uncertainty avoidance, framing effects, positive illusions, egocentrism, and regret avoidance.
- Do you feel that the decision would have been different had the two biases you chose, not existed?
Objective:
- Summarize the role of decision making in business.
- Explain the roles of emotion and fairness in decision making.
- Compare reflective and expedient decision making.
- Discuss common biases in decision making.