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tendency to search for, interpret, favor, and recall information that confirms or supports one's prior beliefs or values.

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tendency to search for, interpret, favor, and recall information that confirms or supports one's prior beliefs or values.

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Authority bias is the tendency to attribute greater accuracy to the opinion of an authority figure (unrelated to its content) and be more influenced by that opinion. 

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Authority bias is the tendency to attribute greater accuracy to the opinion of an authority figure (unrelated to its content) and be more influenced by that opinion. 

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Anchoring or focalism is a cognitive bias where an individual depends too heavily on an initial piece of information offered (considered to be the "anchor") to make subsequent judgments during decision making.

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Anchoring or focalism is a cognitive bias where an individual depends too heavily on an initial piece of information offered (considered to be the "anchor") to make subsequent judgments during decision making.

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Representation bias occurs through memory recall. When a decision maker has to analyze the options of a decision, he tends to recall a memory or experience that is similar to the present decision-making situation. In the representative heuristic we compare the similarity of two objects and assume that one is like the other

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Representation bias occurs through memory recall. When a decision maker has to analyze the options of a decision, he tends to recall a memory or experience that is similar to the present decision-making situation. In the representative heuristic we compare the similarity of two objects and assume that one is like the other

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investors automatically assume that good companies make good investments.

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John is the lead analyst of a multinational investment bank. He is conducting research on the macro markets. He recently attended a seminar on market views for next year, where he heard a renowned economist who publishes books on the macro market and who stated few facts like there slow growth in the market which was witnessed in 2008, sales were falling, liquidity crunching cost-cutting by big firms. Hence from that, he created a view that next year could be a year of recession again. He publishes report and releases to his client starting to be cautious as a recession could be ahead soon and invest accordingly in debt securities and avoid equities for time being.

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Some weeks back, an interesting debate erupted on what is now known as Nigerian Twitter. The Ooni of Ife, Oba Okunade Sijuwade Olubuse passed away, but this wasn’t the intriguing part. The more interesting part was the funeral ritual where a designated chief called the 'Abobaku' was meant to accompany him into death. According to several reports, this Abobaku fled. Quite predictably so – no matter how well fed, no sensible ram who sees the opportunity of freedom can be expected to be there for the feast. Anyway, some felt that the ritual was primitive and barbaric, and should be abolished, while others argued that it was an important part of the culture and needed to be upheld.

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Some weeks back, an interesting debate erupted on what is now known as Nigerian Twitter. The Ooni of Ife, Oba Okunade Sijuwade Olubuse passed away, but this wasn’t the intriguing part. The more interesting part was the funeral ritual where a designated chief called the 'Abobaku' was meant to accompany him into death. According to several reports, this Abobaku fled. Quite predictably so – no matter how well fed, no sensible ram who sees the opportunity of freedom can be expected to be there for the feast. Anyway, some felt that the ritual was primitive and barbaric, and should be abolished, while others argued that it was an important part of the culture and needed to be upheld.

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Say you’re buying a used car, the initial price offered for a used car sets the standard for the rest of the negotiation, regardless of the legitimacy of the initial price. This way any price lower than the initial anchor price seem more reasonable, even if they are still higher than what the car is really worth. 

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Say you’re buying a used car, the initial price offered for a used car sets the standard for the rest of the negotiation, regardless of the legitimacy of the initial price. This way any price lower than the initial anchor price seem more reasonable, even if they are still higher than what the car is really worth. 

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Say you’re buying a used car, the initial price offered for a used car sets the standard for the rest of the negotiation, regardless of the legitimacy of the initial price. This way any price lower than the initial anchor price seem more reasonable, even if they are still higher than what the car is really worth. 

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In an argument, a boy spoke to his parents rudely. This would set the tone for the rest of the argument.

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Many a time I take my fathers word for any information he tells me. Believing him due to his authority, I don't check online to confirm this information. However , later when in discussions it is usually inaccurate information

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investors automatically assume that good companies make good investments. 

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A lot of the time, people judge their own level of happiness by that of their friends. Using someone else's life and happiness as an anchor point for your own is illogical, but sometimes it can't be helped. You feel that if your life doesn't measure up to theirs, you can't possibly be as happy.

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John is the lead analyst of a multinational investment bank. He is conducting research on the macro markets. He recently attended a seminar on market views for next year, where he heard a renowned economist who publishes books on the macro market and who stated few facts like there slow growth in the market which was witnessed in 2008, sales were falling, liquidity crunching cost-cutting by big firms. Hence from that, he created a view that next year could be a year of recession again. He publishes report and releases to his client starting to be cautious as a recession could be ahead soon and invest accordingly in debt securities and avoid equities for time being.

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While buying phones, people tend to stick to the company that they were using previously. Eg: People who've used Android phones tend to be biased to that while choosing a new phone. - Yohann

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Because many celebrities in India use Dove moisturizer, lots of the public does too. Connected to bandwagon.

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There may be a witness to a homicide whereby an onlooker spots the perpetrator. The problem is that the witness and the perpetrator are siblings. In turn, the witness cannot comprehend their sibling possible of doing such a thing.

Their belief is that they are not capable of such, so, therefore, they reject the notion. It cannot be true. The new information is rejected in favour of confirming the existing belief.

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If, for example, a person not very well loved and irrelevant to peoples lives makes a controversial statement, people will most likely react badly towards the person. However, if someone well loved and in power makes the same statement, people may ignore this or even justify it to an extent.

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BEATS: TO BEAT THE VIRUS

INTRO:

Face masks are have become the norm in the last few months, but are they really up to date with all the needs of the modern human? Does it make taking calls difficult? Are you the only friend in your group who’s mask lacks personality? Is your mask suffocating? Does it leave behind a red mark on your nose?

In the age of Covid-19, change is the only constant, and we at Beats think its time to change up our masks. So, we present to you BEATS: TO BEAT THE VIRUS, our new Bluetooth enabled face masks!

ABOUT THE PRODUCT:

This is a Unisex face mask and is suitable for all adults. This mask has an inbuilt & removable Bluetooth headset (Earphones & Mic) for style & Convenience. Engineered with a 6-layered triple filtration system, the ‘BEATS: TO BEAT THE VIRUS’ reusable outdoor protection mask is your perfect outdoor essential. Protects against accidental fluid/sneeze droplets from reaching the user’s nose and mouth, this reusable outdoor protection mask keeps you safe from dangerous microbes, pollutants, dust, particulate matter, smoke from vehicle exhausts, factories, etc. In light of the current scenario of the global pandemic due to Covid-19, it is highly recommended that everyone should wear masks when they are outside their homes.

ADVANTAGES:

Detachable Bluetooth Headset: The Mask has inbuilt & removable Bluetooth earphones with Mic. To listen to music, make phone calls, and be unique!

Fluid splash resistant: Protects against accidental fluid/sneeze droplets from reaching the user’s nose and mouth.

Breathable: Carefully designed for all weather conditions keeping breathability and comfort in mind.

Comfortable: Innovative design for universal fit. Soft, elastic ear loops for extra comfort. Low heat build-up. Accommodates all facial movements

Adjustable: It has an adjustable & bendable Nose Clip for better fit, comfort and enhanced protection

Care & Protection: Anti Dust, Anti Smoke, and Antibacterial. Wider face coverage for maximum protection

Reusable & Washable: It can be used after gentle hand washes. It is recommended to wash it after everyday use.

Convenient: Minimal eyewear fogging. Convenient flat-fold design for easy storage

For Everyone: This is a Unisex face mask and is suitable for all adults. Men with beards can also comfortably wear it.

BAIS

1. Anchoring bias

● “Fashion on your face”

● Initial price- ₹500 per mask

● Discounted price- ₹435 per mask (Anchoring bias)

● In light of the current scenario of the global pandemic due to Covid-19, it is highly recommended that everyone should wear masks when they are outside their homes.

● Gives the people a reason to buy the mask, anchors people to it and attracts a wide audience

2. Authority bias

● Promotion through celebrities and magazines like time

● Time magazine is a reliable source that focuses on future innovations with potential

● Attracts audiences

● Celebrities- ‘ Beats makes everything from taking business calls and fixing the most important deals to listening to my favourite songs a breeze while making me look fashionable and keeping me safe’ - Aishwarya Rai Bachchan

3. Representative bias

● Beats is a company known for its headphones with undeniably clear and crisp sound quality, this motivates customers to buy the product because of the brand's reputation. They know they will be getting a quality product with value for money

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Mallika, Amrita, Dhananjay, Ms Disha, Yohann

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Mallika, Amrita, Dhananjay, Ms Disha, Yohann

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CORONOLA: The Miracle Medicine

It’s gone through all three phases of testing; (with approximately 70000 participants)

Imported from the UK

Celebrity spokesperson: Taylor Swift

Has no adverse effects on the environment during production (is being endorsed by Greta Thunberg as well)

Engineered with Swiss Technology

Recommended by WHO and the CDC

All human trials completed

Allows for long-lasting health and immunity

Contains trace amounts of monosaccharide fructose and dihydrogen monoxide

Will cause no side effects

Slogan: The End Was Never More Near, take Coronola and restore the normal we yearn

Price : 5,000Rs

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Example: Gun control
For people that are pro-gun control, school shootings demonstrate the failure of the system. They therefore advocate for reforms and stricter control over who is allowed to carry guns.
For people that are anti-gun control, school shootings only demonstrate the fact that more people should have guns in order to efficiently protect themselves.
Therefore the same information is processed in different ways due to confirmation bias

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Celebrity endorsements function in a way where people buy a product because of the celebrity and not because of the product.

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Sometimes websites like amazon have a crossed out price and they then provide a new price. The customers feels like they're getting a better deal and are more likely to buy the product.

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You are going to meet two people (person A and B). One is an artist and the other is a doctor- you do not know which is which. If person A is wearing a suit and person B is wearing a T-shirt and shorts, you would assume that person A is the doctor.

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Example: Commercials with celebrities, if a celebrity is seen using that product the audiences tendency to believe that product functions well increases drastically.
For instance Cristiano Ronaldo pushing away coca cola.

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Anchoring bias can be viewed in the stock market. For instance, if potential share owners are initially introduced to a certain price of stock and it changes, they be may reluctant to now purchase thinking it is to expensive or cheap in comparison.

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An example is that of analysts forecasting future results based on historical performance. Just because a company has seen high growth for the past five years doesn’t necessarily mean that trend will continue indefinitely into the future.

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Example - eye witnesses

An integral part of the criminal justice system are eyewitness accounts. However, confirmation bias can influence eyewitnesses to make non-factual assumptions. This has lead to wrongful termination.

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Example: fake news in social media

Social media is filled with an overwhelming amount of news sources. Users come across these posts that are false and repost them because it aligns with their biased perspective, therefore spreading misinformation.

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Example: Social Media Influencers

The followers of these social media influencers tend to copy the trends of the influencers, therefore jumping on the bandwagon

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In marketing and advertising, anchoring bias is a powerful sales tactic. For instance, a high ‘anchor' price makes the discounts seem like a great deal.

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An example of this could be primary sources of information, because usually when people witness something first hand they tend to blur out most of it and only remember what suits them.

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An example of authority bias can be seen in milgrams experiment, since the main of the experiment was to show how far one would go to obey a person in authority.

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Anchoring bias can be viewed in the courtroom since a criminal could first be given a longer sentence however when it is reduced it doesn't seem that long in comparison to the first sentence.

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An example of representative bias could be if one has grown up watching tom and jerry that person could be confused when they see cats and mice co-existing together.