Examlex
The data show Argentina's GDP (using purchasing power parity) in billions of dollars. Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
GDP($) 182 209 235 255 277 274 294 324 340 333 338 330 300
Year 2003 2004 2005 2006
GDP($) 333 373 420 470
The data show that
Representativeness Bias
A cognitive bias where individuals incorrectly assess the likelihood of an event based on how closely it resembles their stereotypes of a category.
Lack-of-participation Error
A common mistake in decision-making processes, where not all relevant parties are involved, leading to suboptimal outcomes.
Escalating Commitment
A behavioral phenomenon where an individual or group continues to invest in a decision despite evidence of its ineffectiveness.
Confirmation Error
A cognitive bias that involves focusing on information that confirms one's preconceptions and ignoring information that contradicts them.
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