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120096
The Hidden Traps in Decision Making
Description
Mind Map on The Hidden Traps in Decision Making, created by hazel.crawford on 02/06/2013.
Mind Map by
hazel.crawford
, updated more than 1 year ago
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Created by
hazel.crawford
over 11 years ago
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Resource summary
The Hidden Traps in Decision Making
The anchoring trap
Leads us to give disproportionate weight to the first information we receive
The status quo trap
Biases towards maiintaining the existing situation even when better alternatives exist
The sunk-cost trap
Inclines us to perpetuate the mistakes of the past
The confirming-evidence trap
Leads us to seek out information supporting an existing prediliction and to discount opposing information
The framing trap
Occurs when we mis-state a problem, undermining the entire decision making process
the overconfidence trap
Makes us overestimate the accuracy of our forecasts
The prudence trap
Leads us to be over-cautios when we make estimates about uncertain events
The recallability trap
Leads us to give undue weight to recent, dramatic events.
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