Midterm Flashcards
What is the Availability bias
We overestimate the likelihood that something will occur when it is easy to recall or imagine. Think of things like famous actors or people. You may think that following their footsteps will help you succeed in life but that may not be the case.
What is the Survivorship bias
It’s a type of bias that occurs when a successful subgroup is misrepresented as the entire group. So in other words you are making an assumption based upon data that isn’t completed yet.
What is the Selection bias
When estimating the likelihood that something occurs, we fail to take into account how the evidence available to us was selected.
What is the Framing effect
Drawing different conclusions based on the same information because it is presented (‘‘framed”) differently.
What is Anchoring
A given piece of information can strongly influence (“anchor”) our estimates (even if there is no link between that information and our estimate).
What is Loss aversion
We feel the negative impact of a loss more intensely than the positive impact of a fain of the same size.
What is Sunk cost fallacy
Taking into account incurred and non-recoverable costs in deciding whether to continue with an activity or project (and this continue to invest in it)
What is Endowment effect
We accord more value to something simply because we own it.
This effect is used a lot in marketing to make people buy their products more often.
What is Confirmation bias
The tendency to search for, interpret favor, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.
What is Belief bias
Accepting the validity of an argument simply because the conclusion sounds plausible or because you agree with the conclusion.
What is Blind spot bias
Detect reasoning errors much more easily in the reasoning of others than in our own reasoning.
What is Bandwagon effect
We adopt beliefs too quickly when they come from people in our group and blindly follow the behavior/decisions/opinions of the group.
What is Self-overestimation
We overestimate our own talents and prospects in life.
What is Dunning-Kruger effect
The tendency for lay people to overestimate their knowledge of something and of experts to underestimate their knowledge.
What is Hindsight bias
We overestimate the probability that we would have accorded to the occurrence of a certain event after the event occurred.
What is Outcome bias
retroactively judging a decision based on its result, not the evidence initially available.
What is the gamblers falacy
The belief that, if an event has occurred less frequently than expected, it is more likely to happen again in the future.
What is reliabilism
A belief is justified if it was produced by a process that is generally reliable in getting to the truth.
What is the rule of thumb when it comes to external support
The amount of external support we should require before accepting a claim is proportional to the plausibility of the claim
What is Hume’s maxim
Don’t accept a belief by testimony if it’s more likely that the testifier is incorrect, as opposed to the testimony being true.
What is Occam’s razor.
When deciding between competing beliefs/theories/explanations one should chose the easier one
What are Cognitive illusions
sometimes we fall for a fallacy due to it being a “Illusions”
What is Relativism
Every claim is relative: there are no absolute truths
What is the Base Rate fallacy
The tendency to give more weight to the event-specific information than we should
What is the Dual Process theory of cognition
The theory that within our brains we have two Systems that govern it
What is System 1
One of the two systems that controls our decision making. It governs more reflex related reactions and is considered the fast system
What is System 2
One of the two systems that controls our decision making. It governs the more toughtful reactions and is considered the slow system
What are heuristics
Simple rules of thumb that generally produce good results but can sometimes be misleading
What is Hyperactive agency detection
We tend to discern the actions of an ‘agent’ ( a living being with intentions) in certain events too quickly
What is Affect heuristic
A bias that is created when we follow our emotions to evaluate a situation
