Question

• • Define System-1 and System-2 thinking in your own words.
    • Give an example from your personal or work life where you would use each of them, explaining why each is appropriate to the situation in which you use it.
• Heuristics
  • Define "heuristic" in your own words.
    • Give an example of a heuristic might be used in your personal or professional life and briefly show how it could have a positive or negative effect.
    • Do not use examples found in the text.
• Dominance Structuring
  • Explain the term "dominance structuring" in your own words.
  • Is dominance structuring a positive or negative attribute of critical thinking? Explain.
    • Use examples if that is helpful to your explanation.
• Cognitive Bias
  • Briefly examine what part you think mastery of facts and understanding of data have in avoiding cognitive bias in System-1 thinking.

Answer 1

Answer.

Heuristics are efficient mental processes that help humans solve problems and learn new concepts.Heuristics uses shortcut methods and these methods make problems less complex by ignoring some of the information that’s coming into the brain, either consciously or unconsciously.Heuristics have become an influential concept in the areas of judgment and decision-making.

A good example of Heuristics is Investing In security markets. Most of small investors copy big investors blindly and make their investment or uses shortcut methods to trade stocks.They shorten their analysis by getting readymade reports on company analysis.

Heuristics positive effect Are- 1.It shorten the length of process of work.2 It helps to conserve time for other works.3. It quickens decision making.

Negative effect- It makes mind a habit of shortcut uses. 2 It induces poor decision making. Most of the time Heuristics provide insufficient and poor decisions.