Hi brave ones,
could you please help regarding the similarities between conservatism and confirmation bias…they do seemingly touch the same points…
initial belief (CONFIRMATION) vs prior views (CONSERVATISM)
ignore any information which contradicts belief (CONFIRMATION) vs inadequately/ignoring incorporating new info (CONSERVATISM)
well, hope someone can give a more heuristic way to instantaneously detect which is which in the exam
many thanks
tigas
I had answered this as part of http://www.analystforum.com/forums/cfa-forums/cfa-level-iii-forum/91307190 Check that out. and let me know what you think.
CP, it is really nice “to hear from you” one year later…and you’re already helping me again. did you manage to seat for L3 this last June? I stick to your sentence: “In conservatism - entire new info is discarded.”…it is a good heuristic for me. all the best. PS: I got a new job in 01/2011 so I had to give it full priority and simply made a pit stop for L3. Now I am facing it for real for the first time and I am back in AF…let’s see if I’ll be able to help other candidates in the upcoming future…
I wrote L3 in June as well, (and can consider it a pit stop as well). Failed with a Band 6 - so am starting afresh all over again…