Identification and Discussion of Cognitive Biases:

From these 6 biases choosethree cognitive biases that contributed the most to the downfall of the British East India Company.

How did each of these three have characterized the decision-making of the relevant key players at the time? how they may have affected the EIC's decisions at the time of its downfall? What were the potential consequences of your chosen cognitive biases on the company's actions and strategies at the time?

• Anchoring Bias
• Groupthink
• Hindsight Bias
• Status Quo Bias
• Availability Heuristic
• Self-Serving Bias

1. For each chosen bias, explain what it is and how it manifests in the decision-making of the relevant key players at the time
2. Tip: Give and analyze concrete examples of how each of your chosen biases may have affected the EIC's decisions at the time of its downfall. Provide at least one example per chosen bias.
3. Tip: Discuss the potential consequences of your chosen cognitive biases on the company's actions and strategies at the time.
4. Tip: Be sure toexamine how cognitive biases and decision-making heuristics might have interacted within the EIC's leadership and decision-making processes. Some points to consider:
5. Did these biases and heuristics reinforce each other or create conflicts?
6. Who, specifically, held these biases? Were they biases held by individuals, or can they be described as group biases?
7. Did other individuals or groups outside the EIC (e.g. government leadership, competitors) also exhibit biases? And if so, how did this influence the outcome? Explain the implications of such interaction