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Which of the following biases can affect risk perception?Confirmation bias.Anchoring bias.Availability heuristic.All of the above

Question

Which of the following biases can affect risk perception?

  • Confirmation bias.
  • Anchoring bias.
  • Availability heuristic.
  • All of the above
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Solution

All of the above. Confirmation bias, anchoring bias, and availability heuristic can all affect risk perception.

  1. Confirmation bias is the tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses, while giving disproportionately less consideration to alternative possibilities. This can affect risk perception as individuals may underestimate risks that go against their preexisting beliefs and overestimate risks that confirm their beliefs.

  2. Anchoring bias is a cognitive bias where an individual depends too heavily on an initial piece of information offered (known as the "anchor") when making decisions. In terms of risk perception, an individual might be overly influenced by the first piece of risk-related information they encounter, which can skew their perception of the actual risk.

  3. Availability heuristic is a mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision. This can affect risk perception as individuals may overestimate risks that are easily recalled or have recently occurred, and underestimate risks that are not easily recalled or have not recently occurred.

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