Question

Suppose that sports fans in the United States were given a list of the names of all the medal winners in the last Olympics. After a few minutes of study, the fans were asked to estimate what percentage of medals the United States won. The fans probably will _____ this number, due to the _____.a. overestimate; hindsight bias

b. overestimate; availability bias
c. underestimate; hindsight bias
d. overestimate; conjunctive fallacy

Answer 1

Overestimate, availability bias

Explanation:

Availability bias:

It is a phenomenon in which an individual makes the judgment on the base of biased towards the events. The individual easily comes under the influence of the event due to the past availability of the information. For example, if something occurred and the same thing occurred in the past with our strong emotions then we analyze the event with the availability of the experience in the past. The judgment will be biased because of the cloudiness of the past the experience due to which the recent event takes the weight.