PHIL 100 Week 2 Quiz | MiraCosta College
If taxi drivers were logical then they would
· work the same hours every day regardless of the weather
· work longer hours when it's rainy
· work longer hours when it's sunny
· stop working once they have reached their goal for the day
Steve is the meek and tidy soul with a passion for detail and very little interest in people. Without any other information about him, is he more likely to be a librarian or a farmer?
· Same probability for both
Why are cognitive biases called biases?
· Because they are strictly subjective
· Because they are based on prejudice
· Because they are more likely among people of priviledge
· Because they are not random
Almost _____ % of people in Christopher Chabris' experiment missed the fight.
(Fun fact: this is the same psychologist who came up with the gorilla experiment)
Daniel Kahneman describes the way we make decisions as the interplay between two systems: System 1 and System 2.
How is each system described?
Which of the following statements about System 2 is true?
· System 2 is "the star of the show."
· It's possible to rely solely on System 2
· System 2 invents reasons for what System 1 does
· System 2 is responsible for most of our daily decisions
Match the behavior to the cognitive bias.
· Not saving enough for retirement
· Trusting somebody because they have a firm handshake
· Perceiving the meal you cooked as more delicious than you would otherwise
· Thinking that everybody will notice that there is a little ketchup stain on my shirt
In the example in the video, who fell prey to confirmation bias?
· All the trained experts
· An equal number of trained experts and novices
· All the novices
Classical economics assumes that individuals make rational decisions when thinking about money.
Behavioral economics _________________
· shows that cognitive biases do not play a part when we make financial decisions
· argues that System 1 tends to take over when we make financial decisions
· argues that System 2 tends to take over when we make financial decision
Lauri Santos' experiments show that monkeys _________________
· prefer to make deals with the trader that takes away one grape, leaving them with 2 grapes
· are incapable of making rational decisions
· realize that both results are equivalent
· prefer to make deals with the trader that gives them an extra grape, for a total of 2 grapes
What do behavioral economists recommend we do to minimize the effect of our cognitive biases?
· That we change our environment so that we can make better decisions
· That we suppress System 1
· That we understand that we have reasons for everything that we believe
· That we let computers make most of our financial decisons