Explain the Concept of Confirmation Bias and Then Design a True

question 88

Essay

Explain the concept of confirmation bias and then design a true laboratory experiment to test this concept. You can use a study from the textbook as a guide but you must define and use different independent variables and a different social setting. Be sure to explain your hypothesis, independent variable(s), dependent variable(s), control variable(s), and explain how participants will be selected and assigned to conditions in your experiment. This should be a realistic lab experiment.

---

Definitions:

Annually Compounded

A compound interest calculation where the interest is added to the principal at the end of each year.

Nominal Rate

The stated interest rate of a bond or loan, without accounting for compounding or inflation.

Mortgage Loan

A loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty.

Compounded Monthly

A method where the interest is calculated on a monthly basis and added to the principal sum, allowing the interest to grow over time through compounding.