Question

You are looking for a used car, and you're focused on finding one that has under 100k miles and is no older than 2006. In your search, you take little notice of the state of the engine or transmission, A month after buying the 2007 Busaru Scoutbeck with 98k miles, your transmission freezes on the way home from work. Which bias trap did you get yourself into that created this scenario? a. hindsight bias b. anchoring bias c. framing bias

Answer 1

Answer: The bias trap that you got yourself into is the Anchoring bias. The correct answer is B.

Explanation:

When a person finds themselves in an anchoring bias trap, they have the take the initial information that they have and fixate on it.  After they fixate on the primary information, they then fail to adjust their thinking for any subsequent information that they may of gotten.

There are several barriers that a person can run into when making a personal decision. In addition to the anchoring bias, here are some others, listed below, that are common in the decision making process.

• Framing Bias
• Hindsight Bias
• Halo Effect
• Overconfidence Bias
• Pro-Innovation Bias
• Circumstance and Time-Related Barriers