Businesses and industry specialists in 2018 criticized the company Blockbuster for not being able to see that DVDs will soon become obsolete as all content moves towards digital streaming. What common bias in decision making is this referring to? Escalation of commitment Hindsight bias Risk aversion Anchoring bia
Businesses and industry specialists in 2018 criticized the company Blockbuster for not being able to see that DVDs will soon become obsolete as all content moves towards digital streaming. What common bias in decision making is this referring to? Escalation of commitment Hindsight bias Risk aversion Anchoring bia
Chapter2: Managerial Decision-making
Section: Chapter Questions
Problem 4CRQ: What is confirmation bias? Explain how it can be a barrier to effective decision-making.
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Question
Businesses and industry specialists in 2018 criticized the company Blockbuster for not being able to see that DVDs will soon become obsolete as all content moves towards digital streaming. What common bias in decision making is this referring to?
- Escalation of commitment
- Hindsight bias
- Risk aversion
- Anchoring bias
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