Representativeness - Reading 15, Practice Problem #2

A

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I answered Representativeness because it appears that the person classifies new information based on past experience as a “best fit” approximation and fits nicely with Sample Size Neglect.
However, the text has Status Quo Bias, Confirming Evidence, Recallability, Overconfidence.
Any idea why I am wrong here?
 
psychological bias … not behavioral bias.
psychological - there are a list of 6 biases - in the capital markets reading …
MNEMONIC
ASCORP
Availability
Status Quo
Confirming evidence
Overconfidence
Recallability
Prudence
 
cpk,
A stands for Anchoring bias not Availability. Availability is information-processing behavioral bias.
Anybody who plans to use this very useful mnemonic please make a note.
 
crosstheevil wrote:
I thought there are only 2 types: emotional and cognitive … strange
Click to expand...
You’re referring to the behavioral bias in readings 5-7…
The ones listed here are the ‘Psychological Traps’ as mentioned in reading 15.
 
Wait a min, so anchoring is a cognitive bias and at the same time a psychological trap …
 
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