Which of the following descriptions best describes the cognitive miser model?
A) It helps eliminate bias in the decision-maker by ignoring past information, as this helps the decision-maker focus on the present problem.
B) It helps use a vast amount of information, allowing the decision-maker to synthesize a large amount of data before a decision is made.
C) It maximizes use of past experience and efficiently demands attention to a small amount of presented information.
D) It helps the decision-maker evaluate nearly all possibilities before a decision is made: truly a well-informed decision!

Question

Quizplus · Accepted Answer

The cognitive miser model suggests that humans have limited cognitive resources and therefore must use past experience to efficiently demand attention to the most important and relevant information presented in a decision-making scenario. This allows individuals to use their cognitive resources most effectively and make decisions in an efficient manner. Option A is incorrect as the cognitive miser model does not ignore past information; it uses past information to make efficient decisions. Option B is incorrect as the cognitive miser model specifically refers to the limited cognitive resources available to individuals, so synthesizing a large amount of data would not align with this model. Option D is also incorrect as the cognitive miser model suggests that individuals cannot evaluate all possibilities before making a decision due to their limited cognitive resources.

Which of the Following Descriptions Best Describes the Cognitive Miser