When completing the survey assignment with the guessing of the year the Taj Mahal was completed and phone number question, what type of individual decision making bias was this an example of?

Question

BlackTom AI · Accepted Answer

The question asks about the type of individual decision-making bias demonstrated when someone guesses the year the Taj Mahal was completed and a phone number during a survey assignment. 
Option 1: 'Prudence and Reliability' is not a recognized cognitive bias in this context; it describes general qualities rather than a bias in judgment under uncertainty. 
Option 2: 'Recallability and Recency' refers to how easily something comes to mind or how recently it occurred, which is not the same mechanism as anchoring in decision making. 
Option 3: 'Confirmation bias' involves favoring information that confirms preconceived beliefs, rather than relying on an initial anchor to adjust estimates. It doesn’t capture the process of starting from an initial number and adjusting from there. 
Option 4: 'Anchoring and Adjustment' precisely describes the situation: a respondent uses an initial anchor (such as a gut guess for the year or a default/initial phone-number-like figure) and then makes adjustments based on further information or heuristics, often insufficiently, leading to biased estimates. 
Option 5: 'Framing' concerns how the presentation or context of information influences decisions, not the initial anchoring process used in this scenario. 
Thus, the reasoning aligns with the idea that the behavior reflects anchoring and subsequent adjustment rather than the other biases listed, which do not fit the described guessing pattern.

MGMT 102 LEC ONL: MANA... 05 | Submit | Midterm

When completing the survey assignment with the guessing of the year the Taj Mahal was completed and phone number question, what type of individual decision making bias was this an example of?

View Explanation

Log in for full answers

Similar Questions

A hiring firm knows that starting wages for recent college graduates with a history major is between $36,000 - $50,000. The hiring firm offers candidates $35,000 hoping to get folks hired at the lower end of the range. This is most related to which term discussed in class?

Which bias involves focusing on initial information?

Which decision-making bias means giving disproportionate weight to possibly irrelevant information while not enough weight to other factors?

In consumer judgment, starting with an initial evaluation and altering it with additional information is known as

What is anchoring bias?

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler