15 Feb Do you think that proper application of Bayes’ Theorem would have helped you in an of this situation? Anchoring: When I was shopping for a new car, I was strongly influenced by th
Do you think that proper application of Bayes’ Theorem would have helped you in an of this situation?
Anchoring: When I was shopping for a new car, I was strongly influenced by the first car I saw and the price it was listed at. I had a budget of $20,000 and the first car I saw was listed at $22,000. This influenced my decision making process, as I was more likely to focus on cars that were similar in price to the one I saw first. This hindered my ability to find the best option, as I was too focused on the first car I saw and the associated price.
Confirmation Bias: When I was researching different cars, I was more likely to focus on the information that confirmed my initial feelings about the car I saw first. I was more likely to search for information that supported my belief that the first car I saw was the best option. This influenced my decision making process, as I was not able to accurately assess all the available options.
Representativeness Heuristic: When I was evaluating different cars, I was more likely to focus on the similarities between them rather than the differences. I was more likely to compare cars based on their similarities, such as price and features, rather than the differences in quality or value. This hindered my ability to make an informed decision, as I was not considering all the available options.
Overconfidence: I was overly confident in my ability to pick the best car, and I underestimated the amount of research I needed to do in order to make an informed decision. This influenced my decision making process, as I was more likely to make rash decisions without adequately researching the available options.
Mental Accounting: I was more likely to spend more on the car I liked than what I had originally budgeted for. I was so focused on the car I liked that I was willing to go over budget in order to get it. This hindered my ability to make an informed decision, as I was more focused on the emotion of getting the car I liked than finding the best value.
Loss Aversion: I was more likely to shy away from making a risky decision, even if it meant getting a better deal. I was so focused on avoiding making a mistake that I was willing to forgo potential savings in order to avoid making a bad decision. This hindered my ability to make an informed decision, as I was more focused on avoiding potential losses than maximizing potential gains.
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