New Register here for RBI, SEBI & NABARD strategy workshop! April 9 at 7 PM

    Question

    Which of the following is NOT one of the biases in

    decision making?
    A Commitment Correct Answer Incorrect Answer
    B Confirmation Correct Answer Incorrect Answer
    C Hindsight Correct Answer Incorrect Answer
    D Foresight Correct Answer Incorrect Answer
    E Attribution Correct Answer Incorrect Answer

    Solution

    Biases or Cognitive bias, can be defined as a set of predictable mental errors that arise from our limited ability to process information objectively. Various biases include confirmation bias (i.e. look for information that supports your existing beliefs and reject data that goes against what you believe), Attribution bias (i.e. the tendency to blame others when things go wrong, instead of looking objectively at the situation, hindsight bias (i.e. belief that one accurately predicted the outcome of a decision before it was made, even if he/she did not), commitment bias (i.e. tendency to remain committed to our past behaviors, even if they do not have desirable outcomes), etc.

    Practice Next

    Relevant for Exams: