Management HW3

Originality is extremely important for sections B and C. You cannot copy/paste examples and definitions for sections B and C.

B. In many situations, individuals deviate from rational rules of decision making in analyzing information and making decisions. These deviations are defined as “cognitive biases” which are the human errors which arise from heuristics people use in interpreting the information. These Cognitive biases were studied extensively in the research of Nobel laureate and father of behavioral economics, Daniel Kahneman. Do some research online and learn more about cognitive biases and heuristics.

Based on your research, list at least 10 “cognitive biases” (with definitions) that you find interesting. Bring at least one example for each of them. You can find examples online or think about examples in your own personal decisions. e.g., Hindsight bias, framing bias, confirmation bias, ...

C. Framing effect is a very popular bias in medical decision making. What is framing effect? Search online about examples of framing effect in medical decision making and report the example(s).

D. List and explain the chapters/topics in this course in which we discussed attention limits and cognitive biases.

2 and half pages