The _______ is an example of a decision-making error in which someone fails to properly estimate the probability of a particular outcome after being given additional information.
A) Tower of Hanoi problem
B) Monty Hall problem
C) framing effect
D) availability heuristic

Question

Quizplus · Accepted Answer

The Monty Hall problem is a famous probability puzzle that demonstrates a counterintuitive aspect of probability and decision-making. It involves a game show scenario where a contestant is asked to choose one of three doors, behind one of which is a prize. After the initial choice, one of the remaining doors is opened to reveal no prize, and the contestant is given the option to switch their choice. Many people fail to properly estimate the increased probability of winning if they switch doors after being given this additional information.

The _______ Is an Example of a Decision-Making Error in Which