In assessing probability, the cost-benefit principle implies that you:
A) should think harder only if the extra mental exertion will yield a sufficiently better estimate.
B) need the best possible estimate of the probability in order to make the best possible decision.
C) tend to overestimate costs and underestimate benefits.
D) focus only on what is known for sure and disregard what is uncertain.
Correct Answer:
Verified
Q112: People who are overconfident are likely to:
A)overestimate
Q113: Overconfident people tend to _ risks and
Q114: The pitfalls of overconfidence include all of
Q115: Which of the following offers a way
Q116: Thinking slow is a way to reduce
Q118: The tendency to overestimate the frequency of
Q119: Availability bias is the tendency to:
A)assume that
Q120: If attention-grabbing events distort your probability assessments,
Q121: Anchoring bias is the tendency to:
A)focus on
Q122: Which of the following statements is consistent
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