Cognitive Biases Flashcards
Logical fallacies
Errors that occur when making specific arguments
Confirmation bias
human tendency to only seek out information that supports one position or idea
Cognitive dissonance
occurs when a person holds two contradictory beliefs at the same time
Sunk cost fallacy
a person is reluctant to abandon a strategy or course of action because they have invested heavily in it, even when it is clear that abandonment would be more beneficial
The framing effect
decisions influenced by how the information is presented rather than what is being said
The optimism bias
the tendency to overestimate the likelihood of positive events and underestimate the likelihood of negative events
The pessimism bias
the tendency to overestimate the likelihood of negative events while underestimating the likelihood of positive events
The pessimism bias
the tendency to overestimate the likelihood of negative events while underestimating the likelihood of positive events
Negativity bias
the tendency to pay more attention to negative information than to positive information
Availability heuristic
relying on information that comes to mind quickly or is most available to us
Bandwagon effect
believe something because other people believe it (behavioral)
Bandwagon effect
believe something because other people believe it (behavioral)
The anchoring bias
the common human tendency to rely too heavily on the first piece of information offered (the “anchor”) when making decisions
Actor-observer bias
tendency to attribute the behavior of others to internal causes, while attributing our own behavior to external causes
The halo effect
positive impressions of people, brands, and products in one area positively influence our feelings in another area
