Psychological Bias Assignment – Fast Writers


access_timeJanuary 13, 2022

Posted by Joy

Psychological Bias Assignment
Dunham, BUS 682
The field of behavioral economics is concerned with studying the effects of psychology on the decision-making processes of individuals and institutions. While neoclassical economics and rational choice theory assume that humans act rationally in their own self-interest, the relatively new field of behavioral economics challenges these assumptions by exploring how psychological or cognitive biases circumvent the rationality of agents. A common theme in behavioral economics is the acknowledgement that cognitive bias, emotion, and social influence lead humans to make irrational decisions. Heuristics or mental shortcuts are relied upon to make hasty decisions. The “behavioral turn” in economics is evidenced by several behavioral scholars being awarded the Nobel Memorial Prize in Economic Sciences—including Daniel Kahneman (2002), Robert Shiller (2013), and Richard Thaler (2017)—for their insights into understanding human behavior.
Psychological bias can lead to irrational decision-making in a variety of ways. For example, psychological bias contributes to discrimination in the workplace. Unconscious or implicit bias refers to attitudes or beliefs that exist without an individual’s awareness. For example, stereotyping may lead to false assumptions about the characteristics of an individual based on preconceived notions about the given group to which the individual belongs. Implicit biases are different that explicit beliefs and attitudes, which individuals are aware of, yet may conceal for the purposes of avoiding judgement or complying with norms. Furthermore, it is possible for an individual to have an unconscious bias that they consciously oppose.

While by no means exhaustive, the following are examples of biases that may contribute to discrimination.
· Affinity bias – The tendency to favor people who share similar qualities to ourselves
· Beauty bias – Judging or favoring people based on how they look
· Bandwagon effect – Tendency to believe something because many other people hold the same beliefs
· Confirmation bias – Tendency to focus on and favor information that confirms previously held beliefs
· Conformity bias/Groupthink – Desire for harmony or conformity in a group results in a group member’s suppression of critical or alternative viewpoints in order to minimize conflict
· Curse of knowledge – Relatively more informed people may find it difficult to perceive problems from the perspective of those that are less informed
· Gender centrism – Tendency for a gendered point of view to influence one’s world view
· Ingroup bias – Tendency to give preferential treatment to people who are perceived to be members of our own group(s)
· Naïve realism – The belief that we see reality objectively without bias and that those with opposing viewpoints are incorrect, irrational, or uninformed
· Outgroup homogeneity bias – Individuals perceive more variation amongst members of their own group than in members of other groups
· Status quo bias – The tendency to like things to stay relatively the same
· Survivorship bias – Tendency to concentrate on the people or groups that survived and inadvertently overlook those that didn’t
Reflect upon the above list of psychological biases and consider how they may reveal themselves in your own life. Also, consider how these biases may lead to discrimination. Then, answer the questions in the space provided below
1. Can you think of an example of a bias that is not listed? Please explain this bias.
2. Have you ever caught yourself relying upon psychological bias to comprehend your surroundings or make a decision? Please explain.
3. How you ever felt that others were using psychological biases to evaluate or judge you?
4. How can psychological bias manifest itself in the workplace? Explain.
“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”

")96% of our customers have reported a 90% and above score. You might want to place an order with us."

Essay Writing Service
Affordable prices

You might be focused on looking for a cheap essay writing service instead of searching for the perfect combination of quality and affordable rates. You need to be aware that a cheap essay does not mean a good essay, as qualified authors estimate their knowledge realistically. At the same time, it is all about balance. We are proud to offer rates among the best on the market and believe every student must have access to effective writing assistance for a cost that he or she finds affordable.

Caring support 24/7

If you need a cheap paper writing service, note that we combine affordable rates with excellent customer support. Our experienced support managers professionally resolve issues that might appear during your collaboration with our service. Apply to them with questions about orders, rates, payments, and more. Contact our managers via our website or email.

Non-plagiarized papers

“Please, write my paper, making it 100% unique.” We understand how vital it is for students to be sure their paper is original and written from scratch. To us, the reputation of a reliable service that offers non-plagiarized texts is vital. We stop collaborating with authors who get caught in plagiarism to avoid confusion. Besides, our customers’ satisfaction rate says it all.

© 2022 provides writing and research services for limited use only. All the materials from our website should be used with proper references and in accordance with Terms & Conditions.