BUS 221 Lecture Notes - Lecture 10: Confirmation Bias, Groupthink

• School: Ryerson University
• Department: Business
• Course: BUS 221
• Professor: Haskovon Kriegstein

Document Summary

Framing effect: when conclusions are reached based on how a situation is described or framed, need to reformulate the situation in multiple ways. Anchoring effect: attach too much importance to a single piece of information acquired early in the process, anchored by facts that may not be objectively important, need to expose/seek your own number/opinion/information before listening to others. Confirmation bias: focus on evidence that confirms our prior beliefs and ignore evidence that points in a different direction, need to seek contradicting evidence (the harder it is to find, the more likely the conclusion is true) Survivor bias: focus on people, things, or organizations that have reached a certain level of success and ignore those who ha(cid:448)e(cid:374)"t, need to seek evidence of failure. False consensus: overestimate the extent to which other people agree with us, need to require everyone to state their opinions or voice.