Lecture 13 Cognitive Biases Flashcards
Anchoring
the anchor is what you compare to when evaluating, comparing your gains to CBUMS. or compare your life to people in third world countries.
Contrast Effect / Context Effect
If men look at attractive women, their wife becomes less attractive, if you focus at two things at a time you focous on their differences.
Distinction bias
Things appear more different when viewed simultaneously.
Bandwagon effect and Herd instinct
The tendency to believe in what your social group thinks and how they think, decreasing your critical faculties. Herd instinct doing what everyone else is doing to avoid conflict.
Hostile Media Effect
When you watch the news you think its bias against your beliefs.
Endowment Effect
The idea that owning something will intern cause you to return that item is less likely.
Loss Aversion
Pay more attention and effort into losing something to rather than preserving value.
temporal discounting
Using time to sell a discount in to the future. more likely to accept reward now if the future is uncertain and chaotic.
Moral Credential Effect
You allow yourself to do bad things because of all the good things you’ve done. People who write essays that make them feel good about themselves, are more likely to act bad.
Self-licensing
Doing good things is what you have to do to stay validated with yourself, (to stay good).
Moral- licensing
the tendency to do one good thing and then think you are a good person and do not need to continue to do better.
Risk Compensation
You’re more likely to be risky in a risky environment, when you have something that reduces your risk. Like seat belts, bike helmets, eating milkshake after run. Rate of concussion is actually higher with football helmets.
Confirmation Bias
You accept, seek out, and remember things that support your views. Also interpreting things that support their views.
Negativity Bias
People tend to focus on negative information. (Standing next to a microwave is bad for you.)
More likely to remember dangerous words.
Omission Bias
Thinking killing someone is far more worse than not doing something that causes the same harm.
Outcome Bias
Judging how bad on act is based on the outcome, like some one being killed or surviving based on your irresponsible behavior.
Planning Fallacy
People tend to underestimate how long it will take for us to complete tasks. Which makes us overbook things.
Wishful Thinking
Believing in something because you want it to be true.
Availability Heuristic
People tend to remember more negative information. If you constantly watch the news you are going to tend to view the world in a more negative manner.
Base Rate Neglect
The tendency that thinking an outcome has a high percentage does not always mean a perceived high outcome. (way more people in the false positive)
Belief Bias
If rain is wet then my roof is wet. The tendency to stick with personal beliefs that make you make assumption on other things.
Conjunction Fallacy
To think that the conjunction of two things is more common then those two things being separate.
Gambling Fallacy
Thinking a repeating pattern will break.
Hot hand fallacy
Thinking a repeating pattern will continue.
Pareidolia
Different ways for us to see patterns where none exist. Seeing that face on mars even though there is no face.
Primacy and Recency Effects
We tend to remember things at the beginning and the end of an event.
Just World Phenomenon
The more you believe in karma (or just world), the more likely you are to find personal causes for victims from bad things.
Actor-Observer Bias
The tendency to explain the behaviour of other in terms of stable traits, immediately getting at someone for cutting and not getting at yourself for cutting someone off. Call someone success lucky and yours is from hard work.
