Overestimation of the Expected Length of the Feeling Produced by the Outcome

question 107

Multiple Choice

Overestimation of the expected length of the feeling produced by the outcome of a decision is called the:

• A) durability bias.
• B) affect heuristic.
• C) confirmation bias.
• D) anchoring heuristic.

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Definitions:

Biased Estimator

A statistical estimator that does not generate parameter estimates with long-run average values equal to the true population parameter.

Sample Statistic

A numerical measure that describes an aspect of a sample.

Population Parameter

A numerical value summarizing a characteristic of an entire population.

Point Estimate

A single value given as an estimate of a population parameter, derived from sample data.