10 - Cognitive Biases

Question 1

Q

An individual depending too heavily on an initial piece of info

Answer 1

Anchoring

Question 2

Q

The initial object that is compared to when evaluating

Answer 2

Anchor

Question 3

Q

When comparing two or more objects, we tend to focus more on their differences rather than individual merit

Answer 3

Contrast Effect

Question 4

Q

Describes the influence of environmental factors on one’s perception of a stimulus

Answer 4

Context Effect

Question 5

Q

Differences become more apparent when objects are viewed simultaneously

Answer 5

Distinction Bias

Question 6

Q

We tend to believe things that everyone else believes

Answer 6

Bandwagon Effect

Question 7

Q

Agreeing with others to avoid social conflict

Answer 7

Herd Instinct

Question 8

Q

When watching the news, we tend to believe that the news is hostile toward our own views and beliefs

Answer 8

Hostile Media Effect

Question 9

Q

Once we own something, we find it more valuable, and we will demand more for it than we paid for

Answer 9

Endowment Effect

Question 10

Q

People will put more effort into preventing loss than they will into producing gain

Answer 10

Loss Aversion

Question 11

Q

We tend to value things in the future less than the present

Answer 11

Temporal Discounting

Question 12

Q

We allow ourselves to act badly if we have acted morally

Answer 12

Moral Credential Effect

Question 13

Q

Acting in a riskier way because we believe ourselves to be safer

Answer 13

Risk Compensation

Question 14

Q

We more easily accept, seek out, and remember things that reinforce our existing beliefs

Answer 14

Confirmation Bias

Question 15

Q

We pay more attention to and put more value on negative information

Answer 15

Negativity Bias

Question 16

Q

We perceive taking action that causes harm as worse than not taking action resulting in equal harm

Answer 16

Omission Bias

Question 17

Q

Judging a decision based on its outcome rather than what info was available at the time of the decision

Answer 17

Outcome/Hindsight Bias

Question 18

Q

We tend to underestimate what is required for completing a task in the future

Answer 18

Planning Fallacy

Question 19

Q

Believing something is true because we want it to be true

Answer 19

Wishful Thinking

Question 20

Q

Assuming that things that are easily brought to memory are more common or probable

Answer 20

Availability Heuristic

Question 21

Q

If presented with related base rate info and specific info, people tend to ignore the base rate in favour of the individual info

Answer 21

Base Rate Neglect

Question 22

Q

Belief that an argument is strong/valid if the conclusion is correct

Answer 22

Belief Bias

Question 23

Q

Faulty reasoning in inferring that a conjunction is more probable than just one of its conjucts

Answer 23

Conjunction Bias

Question 24

Q

Belief that because something has not happened in a while, it is due to happen or will happen soon

Answer 24

Gambler’s Fallacy

Question 25

Q

Opposite of gambler’s fallacy, belief that because previous outcomes have been consistent, that consistency is bound to continue

Answer 25

Hot Hand Fallacy

Question 26

Q

Tendency to remember and/or put more value on the first info we receive

Answer 26

Primacy Effect

Question 27

Q

Tendency to remember and/or put more value on the most recent info we recieve

Answer 27

Recency Effect

Question 28

Q

Tendency to believe that the world is inherently just, and people get what they deserve

Answer 28

Just World Phenomenon

Question 29

Q

Tendency to attribute others’ behaviour to internal factors, but our own to external factors

Answer 29

Actor-Observer Bias