This Question Contains Two Parts; Be Sure to Answer Both

question 96

Essay

This question contains two parts; be sure to answer both.
First, explain at least five of the nine common decision making biases, giving an example of each.
Next, imagine that you are a real-estate agent who is trying to sell a huge house to a wealthy couple. Explain how the buyers may be subject to each of the biases that you list.

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Definitions:

Activism

The practice of campaigning or taking action to bring about political or social change.

Random Sampling

A method of sampling where every element of the population has an equal chance of being selected.

Luck Of The Draw

A phrase referring to the outcome being determined by chance rather than any controllable factors.

Probability Sampling

A sampling technique in which every member of the population has a known, non-zero chance of being selected.