10 - Cognitive Biases Flashcards
Q
An individual depending too heavily on an initial piece of info
Anchoring
Q
The initial object that is compared to when evaluating
Anchor
Q
When comparing two or more objects, we tend to focus more on their differences rather than individual merit
Contrast Effect
Q
Describes the influence of environmental factors on one’s perception of a stimulus
Context Effect
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Differences become more apparent when objects are viewed simultaneously
Distinction Bias
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We tend to believe things that everyone else believes
Bandwagon Effect
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Agreeing with others to avoid social conflict
Herd Instinct
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When watching the news, we tend to believe that the news is hostile toward our own views and beliefs
Hostile Media Effect
Q
Once we own something, we find it more valuable, and we will demand more for it than we paid for
Endowment Effect
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People will put more effort into preventing loss than they will into producing gain
Loss Aversion
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We tend to value things in the future less than the present
Temporal Discounting
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We allow ourselves to act badly if we have acted morally
Moral Credential Effect
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Acting in a riskier way because we believe ourselves to be safer
Risk Compensation
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We more easily accept, seek out, and remember things that reinforce our existing beliefs
Confirmation Bias
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We pay more attention to and put more value on negative information
Negativity Bias
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We perceive taking action that causes harm as worse than not taking action resulting in equal harm
Omission Bias
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Judging a decision based on its outcome rather than what info was available at the time of the decision
Outcome/Hindsight Bias
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We tend to underestimate what is required for completing a task in the future
Planning Fallacy
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Believing something is true because we want it to be true
Wishful Thinking
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Assuming that things that are easily brought to memory are more common or probable
Availability Heuristic
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If presented with related base rate info and specific info, people tend to ignore the base rate in favour of the individual info
Base Rate Neglect
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Belief that an argument is strong/valid if the conclusion is correct
Belief Bias
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Faulty reasoning in inferring that a conjunction is more probable than just one of its conjucts
Conjunction Bias
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Belief that because something has not happened in a while, it is due to happen or will happen soon
Gambler’s Fallacy
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Opposite of gambler’s fallacy, belief that because previous outcomes have been consistent, that consistency is bound to continue
Hot Hand Fallacy
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Tendency to remember and/or put more value on the first info we receive
Primacy Effect
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Tendency to remember and/or put more value on the most recent info we recieve
Recency Effect
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Tendency to believe that the world is inherently just, and people get what they deserve
Just World Phenomenon
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Tendency to attribute others’ behaviour to internal factors, but our own to external factors
Actor-Observer Bias
