2014 AM Q11 Behavial Bias

[dimpiedots]

I udnerstand the two biases selected for him (representativeness and availability), but why is self-control not identified as one of the biases for Lam?
It states that “Lam has been saving for several years but is behind schedule to ultimately fund his retirement.”

 

[cpk123]

didn’t the question ask for cognitive?

 

[Cubemonkey]

The fact that you don’t have enough saved doesn’t mean you exhibit self control bias. You could not have enough saved because of surprise extraordinary expenditures in your past or a million other things.
If they want to point you towards self control bias, there’ll be a question where the person being described always pursues immediate gratification at the expense of long-term saving. Expensive vacations, cars, etc.