Asked by
Chris Tovar
on Oct 08, 2024
Verified
John's friend Rosika won a major lottery jackpot.Seeing this,and despite the fact that millions don't win and the odds of winning are infinitesimal,John goes out and buys a bunch of lottery tickets despite struggling financially.John's decision to buy the lottery tickets under these circumstances would best be explained by the:
A) hindsight bias.
B) self-serving bias.
C) confirmation bias.
D) availability heuristic.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.
Lottery Jackpot
The largest prize available in a lottery, often accumulating until it is won.
Infinitesimal Odds
Extremely small chances or probabilities of a specific event occurring.
- Understand the roles heuristics and cognitive biases play in influencing decision-making procedures.
Verified Answer
KD
Learning Objectives
- Understand the roles heuristics and cognitive biases play in influencing decision-making procedures.