11. I + A. The Hick-Hyman Law. B. The Base Rate Fallacy. C. Sunk Cost Bias....

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11. I + A. The Hick-Hyman Law. B. The Base Rate Fallacy. C. Sunk Cost Bias. D. As-If Heuristic. E. Overconfidence Bias F. Gambler's Fallacy. ✔Fit to page Page view A Read aloud John wears black clothing, has long black hair, and listens to death metal music. When asked "what is the likelihood that John is a Christian or a Satanist," people will overestimate the probability that John is a Satanist. However, in reality, since the underlying number of Christians is so large with respect to the number of Satanists (2 billion versus a few thousand at best), it is still vastly more likely that John is a Christian. This is an example of which type of fallacy or bias"? (Discussed during the lecture on heuristics and biases in decision making): Page 6 of 21 Add n 11. I + A. The Hick-Hyman Law. B. The Base Rate Fallacy. C. Sunk Cost Bias. D. As-If Heuristic. E. Overconfidence Bias F. Gambler's Fallacy. ✔Fit to page Page view A Read aloud John wears black clothing, has long black hair, and listens to death metal music. When asked "what is the likelihood that John is a Christian or a Satanist," people will overestimate the probability that John is a Satanist. However, in reality, since the underlying number of Christians is so large with respect to the number of Satanists (2 billion versus a few thousand at best), it is still vastly more likely that John is a Christian. This is an example of which type of fallacy or bias"? (Discussed during the lecture on heuristics and biases in decision making): Page 6 of 21 Add n

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B The Base Rate Fallacy The base rate fallacy is a type of cognitive bias that occurs when people make decisions based on an initial frame of referenc... View the full answer