Perceived Costs and Benefits Flashcards
Tendency to value the present over the future.
Present Bias
Tendency to choose small, immediate rewards
at the expense of larger, more significant rewards
that occur later in the future.
Present Bias
Placing a higher value on instant gratification,
and a lower value on delayed gratification.
Present Bias
It is difficult to choose to do
something that’s good for us in the future
instead of just doing what feels good right now.
Present Bias
Choosing to sleep in instead of waking up to exercise.
Even if you enjoy the physical and mental benefits of exercise,
you don’t want to leave the comfort of your bed.
Present Bias
Tendency to listen more often to information that confirms our existing beliefs.
Confirmation Bias
Favouring information that reinforces what you already think or believe.
Confirmation Bias
Only paying attention to information that confirms your beliefs about issues such as animal rights.
Confirmation Bias
Choosing news sources,
or following social media influencers
that support your views
Confirmation Bias
Refusing to listen to the opposing side.
Confirmation Bias
Tendency to see events, even random ones, as more predictable than they are.
Hindsight Bias
Commonly referred to as the “I knew it all along” phenomenon.
Hindsight Bias
Tendency to be overly influenced by the first impression
Anchoring Bias
The physician’s first impressions of the patient can sometimes incorrectly influence all subsequent diagnostic assessments
Anchoring Bias
The first number voiced during a price negotiation typically becomes the anchoring point from which all further negotiations are based.
Anchoring Bias
Tendency for memories to be heavily influenced by things that happened after the actual event itself.
Misinformation Effect
Research has shown that simply asking questions about an event can change someone’s memories of what happened.
Misinformation Effect
Watching television coverage may change how people remember the event.
Misinformation Effect
Hearing other people talk about their memory of an event, from their perspective, may change your memory of what transpired.
Misinformation Effect
People who watched a video of a car crash were asked one of two questions: “How fast were the cars going when they hit each other?” or “How fast were the cars going when they smashed into each other?”
The witnesses were asked a week later whether they had seen any broken glass.Those who had been asked the “smashed into” version of the question were more likely to report incorrectly that they had seen broken glass.
Misinformation Effect
New information may get blended with older memories.
New information may be used to fill in “gaps” in memory.
Misinformation Effect
Tendency to attribute our actions to external influences,
and other people’s actions to internal ones.
Actor - Observer
Bias
When you are late, it’s because of traffic.
When someone else is late, it’s because of their poor time management skills.
Actor - Observer
Bias
Tendency to overestimate how much other people agree with one’s own beliefs, behaviours, attitudes, and values.
False Consensus
Effect
Thinking that many other people share your interests.
False Consensus Effect
The belief that everybody enjoys travel.
False Consensus Effect
Overestimating the number of people who are similar to you
False Consensus effect
Tendency to focus more on the immediate payoff, even if there is a negative long term impact.
Present Bias
Avoiding short-term discomfort, even if it leads to larger negative outcomes in the long run
Present Bias
