When decision makers assess the likelihood of an event based on how closely it resembles other events or sets of events, they are using___________ .
A) representation bias
B) selective perception bias
C) framing bias
D) availability bias

Question

Quizplus · Accepted Answer

Representation bias involves using past events or similar experiences to form beliefs about the likelihood of a current or future event. This bias can lead decision makers to overestimate or underestimate the probability of an event occurring based on their subjective perception of how closely it resembles other events. The other options (selective perception bias, framing bias, availability bias) are different types of cognitive biases that do not specifically relate to assessing the likelihood of events based on similarity to past experiences.

When Decision Makers Assess the Likelihood of an Event Based