People Often Lack Awareness of Their Own Biases and Tend

question 17

Multiple Choice

People often lack awareness of their own biases and tend to underestimate their own bias, an effect known as the:

• A) confidence-accuracy tradeoff.
• B) unskilled and unaware effect.
• C) overconfidence effect.
• D) bias blind spot.

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Definitions:

English Auction

A public sale where items are sold to the highest bidder, with bids openly increasing in value.

Reserve Price

The reserve price is the minimum price a seller is willing to accept for an item in an auction.

English Auction

An English auction is a common type of auction where bidders openly bid against each other, with each subsequent bid higher than the previous one, until the highest bid is reached, and the item is sold to the highest bidder.

Reservation Price

The highest amount of money a buyer is comfortable spending on a product or service, representing their limit before withdrawing from a transaction.