WEEK 11 - Cognitive Bias Flashcards
what is cognitive biases ?
are persistent and widespread psychological tendencies that can be determined to objectivity and rationality
where do biases often arise from ?
they often arise from proper cognitive functioning
what are four types of biases ?
- memory biases
- context biases
- evidential failures
- ego biases
what is memory biases ?
Are biases that affect how we encode and recall information
what are the four memory biases effects ?
- the recency effect
- the primary effect
- the availability bias
- the exposure efect
what is the recency effect ?
we tend to better recall more recently presented information
what is the primacy effect ?
we tend to better recall information presented at the starts of a list of sequency
what is the availability bias ?
we largely based estimates of frequency and probability on how easy it is to recall examples
what is the exposure effect ?
we respond more positively to familiar things
what are three memory biases hacks ?
- emotional and dramatic events
- individual cases vs. statistic
- the influence of imagination
what is context biases ?
is a bias in judgment triggered by irrelevant features of the context in which the judgment is made
what does anchoring mean ?
making the first move when bargaining can be advantageous – it sets an anchor
what is the anchoring effect ?
we use arbitrary reference points as an “anchor” from which we make minor adjustments to arrive at our judgment
what is an agent metaphor ?
an agent metaphor is a metaphor that describes something in terms normally used to describe agents
what is the framing effect ?
irrelevant features of the way that a problem is formulated (or framed)