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Flashcards in Cognitive biases Deck (13)
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- Tend to look for evidence that validates our opinions while ignoring invalidating evidence
- Like an echo chamber
- E.g. what makes you decide whether or not to click on a certain link

Confirmation bias


- E.g. remembering the 1 star review amongst all the 5 stars
- Tend to attend more closely to and place more weight on information that is not uplifting

Negativity bias


- Tend to give a lot of weight to evidence that is easily accessible, if we can easily recall something then it must be common important
E.g. if you hear about a plane crash rather than a car crash RECENTLY, you'll be more hesitant to fly than drive

Availability heuristic


- Tend to let initial values affect our appreciation of subsequent values (even when the initial value is arbitrary)
- E.g. Kathmandu sales 'previously $700, now only $400'

Anchoring effect


- Tend to be unmoved by information about the probabilities of various kinds of events
- Consequently we often overestimate the risk of relatively safe activities while underestimating the risks of relatively dangerous activities
E.g. risk of driving vs shark attack

Neglecting probability


- We sometimes begin to notice something that we didn't notice before and assume that the frequency of the thing in question must have increased
- E.g. buying car and then recognising same model everywhere

Observational selection bias


- Tend to be fearful of change, even when the existing affairs aren't great
- E.g. preferring current MP's to new ones

Status quo bias


- Tend to follow the crowd, sometimes unconsciously, often even when the crowd is obviously wrong
- E.g. Asch conformity experiment

Bandwagon effect


- Tend to overestimate how typical or normal we are and hence assume that most others think/believe like us

False consensus effect


- Tend to not be good at imagining ourselves in the future
E.g. discounting future costs/benefits like procrastination

Current moment bias


- Tend to, after something happened, believe that we knew that it would happen
- NOTE: often ignore times we 'knew' something would happened and it didn't
- E.g. gambling

Hindsight bias ("Knew it all along" bias)


- When asked to identify the cause of an event:
· If we were involved we tend to identify the situation as the cause
· If we merely saw it we tend to identify the actor as the cause
- (won't blame yourself)
- E.g. car crash blamed on bad driving if you were involved, blamed on bad conditions if you saw it

Actor observer effect


- Tend to place more weight on the views of members of our immediate circle than on those of outsiders
Likely to overestimate the abilities and virtues of our circle

In group biases