Individuals are influenced in their decision making by which of the following biases?
A)Escalation of commitment
B)Anchoring
C)Framing bias
D)All of the above

Question

Quizplus · Accepted Answer

All three biases (escalation of commitment, anchoring, framing bias) have been shown to influence decision making in different ways. Escalation of commitment refers to the tendency to continue investing in a decision even when evidence suggests it is not successful or rational. Anchoring refers to the tendency to rely too heavily on the first piece of information encountered when making a decision, even if subsequent information contradicts it. Framing bias refers to the way a decision is presented (framed) which can influence how it is perceived and thus impact the decision that is ultimately made. All three biases highlight the ways in which our decision making can be influenced by factors outside of the rational consideration of facts and evidence.

Individuals Are Influenced in Their Decision Making by Which of the Following