Cognitive Heuristics And Biases Flashcards
Define contrive nudge
Information is arranged in a way that makes it more likely that you will behave on a certain way
Why is our rationality limited?
The information we have
The cognitive limitations of our minds
I.e. amount of information which we can keep online
The final amount of time we have to make a decision
What are heuristics
Simple thinking strategy that often allows us to make judgements and solve problems
“Rule of thumb”
What is availability heuristics?
Estimating the likelihood of events based on their availability in memory
Events that come to mind more easily are viewed as more frequent than events that are difficult to bring to mind
What are representativeness heuristics
Judging the likelihood of things in terms of how well they seem to represent, or match particular prototypes
“Conjunction Fallacy” “gamblers Fallacy”
Predicting that it’s more likely is an example of the conjunction fallacy
What is recognition heuristics
Determination of a events likelihood is based on its recognisability so that events are viewed as more possible than those that are not
What is belief bias?
Tendency to judge the strength of an argument based on the plausibility of its conclusion rather than on how strongly it supports that conclusion
What is confirmation bias
Tendency to seek information that agrees with the beliefs we already have
What is belief perseverance
Tendency to cling to our beliefs in the face of contrary evidence
What is the problem with belief-related biases
We think that we’re making a judgment based on a complete body of evidence, when the body of evidence we’re considering has actually been tilted and skewed by our prior beliefs
What is the fundamental attribution error?
Tendency to attribute causes of behaviour to internal factors such as personality characteristics and ignore or minimise external variables
What is negativity bias
Tendency to weigh negative information more heavily than positive information
What is loss aversion?
Avoiding losses is more important to us than making gains
Emotion - we fear losses and the harm they can cause
What is overconfidence
Tendency to be more confident than correct when estimating the accuracy of one’s beliefs and judgments
When we are overconfident we misjudge our value, opinions, beliefs or abilities
What is the False Consensus Effect?
Tendency to assume that attributes held by us and our peers are held by society at large
