Lecture 2 Flashcards
Anchoring bias
Tendency to interpret newer information from the reference point of our anchor. This skews our judgement.
Availability bias
Tendency to judge the frequency, importance or likelihood of an event by the ease with which relevant instances come to mind. Our decisions are based on emotional cues that leave easily recalled impressions in our mind
Blind spot bias
Tendency to recognise biassed reasoning in others, while failing to notice one’s own biases.
Confirmation bias
Tendency to select, interpret, focus on and remember information in a way that confirms one’s views and expectations. We only remember information that upholds our belief, discarding the inconsistent information.
Framing bias
Tendency to base decisions on the way the information is presented, as opposed to just the facts themselves. Hence, equivalent information can be more or less attractive depending on what features are highlighted.
Bandwagon effect
Tendency to adopt a certain behaviour, belief, attitude, or style if a large number of people have also accepted it (type of group-thinking). Hence, we accept the majoritarian opinion because we want to be on the ‘winning side’, regardless of whether that aligns with our original beliefs.
Gambler’s fallacy
Belief that the probability of a random event occurring in the future is influenced by previous instances of that type of event.
Halo effect
It occurs when positive impressions of people, brands and products in one area positively influence our feelings in another area. Hence, a single opinion can create an overall impression that overshadows objective thinking.
Hindsight bias
Tendency to look back at an unpredictable event and think it was easily predictable. Hence, there has been a memory distortion and the past has not been accurately recalled. The person actually believes that they predicted the future.
Outcome bias
Tendency to evaluate a decision based on its outcome rather than on what factors led to that decision. Hence, the outcome of a decision outweighs the quality of the decision at the time it was made
Recognition heuristic
Tendency to choose the more familiar, recognisable option.
Representativeness bias
Tendency to judge an entity by the extent to which it ‘resembles the typical case’ (stereotype) instead of by what it actually is.
Fundamental attribution error
Tendency to overemphasise internal, dispositional factors and downplay external, situational factors when making judgements about people’s behaviour.
Action-observer bias
Tendency to make dispositional attributions for other people’s behaviour and situational attributions for their own.
Belief bias
Tendency to evaluate validity of argument on the basis of whether one agrees with the conclusion or not, rather than on whether it follows logically from the premises or not.
