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Flashcards in Cognitive Biases Deck (170)
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The tendency to rely too heavily, or "anchor", on one trait or piece of information when making decisions (usually the first piece of information that we acquire on that subject

anchoring effect


a person looking to buy a used car - they may focus excessively on the odometer reading and the year of the car, and use those criteria as a basis for evaluating the value of the car, rather than considering how well the engine or the transmission is maintained.

anchoring effect


MSRP for a new Lexus is $39,465. You negotiated a price for $35,250. You feel terrific. You believe you got a great deal.

anchoring effect


What’s an acceptable curfew for a 16-year-old? If you had to be home by 11 p.m. on a weekend evening, a 1 a.m. curfew won’t feel right, even if “all the kids are doing it.”

anchoring effect


If a husband is doing ten times more housework than his dad ever did, he may feel entitled to a “best husband of the year” award from his wife. Imagine his surprise then, when his wife berates him for not doing enough.

anchoring effect


The tendency of our perception to be affected by our recurring thoughts

attentional bias


The tendency to excessively depend on automated systems which can lead to erroneous automated information overriding correct decisions.

automation bias


The tendency to overestimate the likelihood of events with greater "availability" in memory, which can be influenced by how recent the memories are or how unusual or emotionally charged they may be

availability heuristic


A self-reinforcing process in which a collective belief gains more and more plausibility through its increasing repetition in public discourse (or "repeat something long enough and it will become true")

availability cascade


When people react to disconfirming evidence by strengthening their beliefs.

backfire effect


The tendency to do (or believe) things because many other people do (or believe) the same

bandwagon effect


The tendency to ignore base rate information (generic, general information) and focus on specific information (information only pertaining to a certain case)

base rate fallacy


An effect where someone's evaluation of the logical strength of an argument is biased by the believability of the conclusion

belief bias


The tendency to see oneself as less biased than other people, or to be able to identify more cognitive biases in others than in oneself

bias blindspot


The tendency for people to appear more attractive in a group than in isolation

cheerleader effect


The tendency to remember one's choices as better than they actually were

choice-supportive bias


The tendency to overestimate the importance of small runs, streaks, or clusters in large samples of random data (that is, seeing phantom patterns)

clustering illusion


The tendency to search for, interpret, focus on and remember information in a way that confirms one's preconceptions

confirmation bias


The tendency to test hypotheses exclusively through direct testing, instead of testing possible alternative hypotheses

congruence bias


The tendency to assume that specific conditions are more probable than general ones

conjunctive fallacy


A certain state of mind wherein high values and high likelihoods are overestimated while low values and low likelihoods are underestimated

regressive bias


The tendency to revise one's belief insufficiently when presented with new evidence

Conservatism bias


The enhancement or reduction of a certain perception's stimuli when compared with a recently observed, contrasting object

contrast effect


When better-informed people find it extremely difficult to think about problems from the perspective of lesser-informed people

curse of knowledge


Preferences for either option A or B changes in favor of option B when option C is presented, which is similar to option B but in no way better.

decoy effect


The tendency to spend more money when it is denominated in small amounts (e.g. coins) rather than large amounts (e.g. bills).

denomination effect


The tendency to sell an asset that has accumulated in value and resist selling an asset that has declined in value.

disposition effect


The tendency to view two options as more dissimilar when evaluating them simultaneously than when evaluating them separately

distinction bias


The tendency for unskilled individuals to overestimate their own ability and the tendency for experts to underestimate their own ability

Dunning-Kruger effect


The neglect of the duration of an episode in determining its value

duration neglect