Questions: Select all that apply What are some psychological biases that act as barriers to effective decision making? More than one answer may be correct. Discounting the future Illusion of control Framing effects

Select all that apply What are some psychological biases that act as barriers to effective decision making? More than one answer may be correct. Discounting the future Illusion of control Framing effects
Transcript text: Select all that apply What are some psychological biases that act as barriers to effective decision making? More than one answer may be correct. Discounting the future Illusion of control Framing effects
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The correct answers are:

  • Discounting the future: This is a psychological bias where individuals give disproportionate weight to immediate rewards over future benefits. This can lead to poor decision-making, as people may choose options that provide short-term gratification at the expense of long-term gains.

  • Illusion of control: This bias occurs when people overestimate their ability to control events, leading to overconfidence in their decision-making. This can result in taking unnecessary risks or failing to prepare for potential negative outcomes.

  • Framing effects: This bias involves the way information is presented, which can significantly influence decision-making. The same information can lead to different decisions depending on how it is framed, such as focusing on potential losses versus potential gains.

Competitive advantage is not a psychological bias. It refers to a business's ability to perform better than its competitors, which is a strategic concept rather than a cognitive bias.

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