Question

James is asked about the best way to study for an exam. He responds that the best way to study is by making flash cards. He easily thinks of all the times he used flash cards and he made As. However, he fails to take into consideration all the times he made As and did not use flash cards and the times he used flash cards and did not do well.
His faulty thinking is an example of ______.

Answer 1

Answer:

Present/present bias                                                        

Explanation:

There are many different types of biases including confirmation bias, selection bias, present bias, anchoring bias, groupthink, reporting bias, etc.

Present bias: The term present bias is defined as the propensity of an individual to given more weight to the payoffs which are considered as closer to the present time while analyzing trade-offs between two different future moments.

In other words, an individual gives more weight on income or goods that are being achieved or gained in the present time or moment instead of achieving it in the future.

In the question above, James faulty thinking is an example of present bias.