MAN 336 Study Guide - Midterm Guide: Dependent And Independent Variables, Earthquake Insurance, Impression Management
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Anchoring effect individuals make estimates for values based upon an initial value (derived from past events, random assignments, or whatever available information) and typically make insufficient adjustments from that anchor when establishing a final value. 3: persistent effect even when tricks of wording are explained to experimental subjects, works in accordance with prospect theory more willing to go for a win or a loss based on the wording. Lecture 6: forecasting (i: type i error false positive (connect dots that are not connected/take action that we should not have, ex: predicted weapons of mass destruction in iraq. Type ii error false negative (fail to connect dots that are connected/fail to take action that we should have: ex: failed to predict 9/11. Goal is not to become less sensitive to one type of error, but to reduce the number of errors (improve accuracy and forecasting skills)
