Cognitive Biases Flashcards
Anchoring/Focalism
Tendency to rely to heavily on one piece of information when making decisions (usually the first piece of info we acquire on that subject)
Ambiguity Effect
Tendency to avoid options for which missing information makes the probability seem unknown
Bandwagon Effect
Tendency to do/believe things because many others do or believe the same (groupthink; herd behavior)
Choice-supportive Bias
Tendency to remember ones choices as better than they actually were
Confirmation Bias
Tendency to search for, interpret, focus on and remember info in a way that confirms ones preconceptions
Dunning-Kruger Effect
Tendency for unskilled individuals to overestimate their ability and the tendency for experts to underestimate their ability
Empathy Gap
Tendency to underestimate the influence or strength of feelings, in either oneself or others.
Gambler’s Fallacy
tendency to think that future probabilities are altered by past events, when in reality they are unchanged
Discounting
tendency for people to have a stronger preference for more immediate payoffs relative to later payoffs
Identifiable Victim Effect
tendency to respond more strongly to a single identified person at risk than to a large group of people at risk
Mere Exposure Effect
tendency to express undue liking for things merely because of familiarity with them
Negativity Bias
phenomenon by which humans have a greater recall of unpleasant memories compared with positive memories
Planning Fallacy
tendency to underestimate task-completion times
Post-Purchase Rationalization
tendency to persuade oneself through rational argument that a purchase was a good value
Social Comparison Bias
tendency, when making hiring decisions, to favour potential candidates who don’t compete with one’s own particular strengths