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Cognitive Biases

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Anchoring Bias

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The tendency to rely too heavily on the first piece of information encountered when making decisions. For example, if you hear that a shirt costs 100,youmayusethatasastartingpointforjudgingthevalueofsimilarshirts.100, you may use that as a starting point for judging the value of similar shirts.

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Availability Heuristic

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The inclination to judge the frequency or probability of an event by the ease with which examples of the event can be brought to mind. For instance, thinking shark attacks are common after hearing a recent news story about them.

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Confirmation Bias

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The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs. An example is only following news sources that align with your political views.

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Endowment Effect

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The phenomenon by which people ascribe more value to things merely because they own them. For example, valuing your old car at a higher price than the market value simply because it's yours.

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Fundamental Attribution Error

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The tendency to over-emphasize personal characteristics and ignore situational factors in judging others' behavior. For example, blaming a waiter's rudeness on their personality rather than considering they had a bad day.

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Halo Effect

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The cognitive bias where the perception of a particular trait is influenced by the perception of the former traits in a sequence of interpretations. For instance, assuming someone is kind simply because they are attractive.

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Hindsight Bias

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The inclination to see events that have already occurred as being more predictable than they actually were. For example, after an event, saying 'I knew it all along' despite having had no certain knowledge.

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Representativeness Heuristic

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The tendency to judge the likelihood of an event by how closely it corresponds to the typical case. For instance, thinking someone is a librarian because they're shy and like books, rather than basing it on actual statistics.

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Self-Serving Bias

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The common habit of a person taking credit for positive events or outcomes, but blaming outside factors for negative events. As an example, a student attributes good grades to intelligence but blames bad grades on the test difficulty.

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Status Quo Bias

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The preference to keep things in their current state while regarding changes as a loss. For instance, sticking with the same insurance company for years without considering if another company could offer better rates or service.

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Negativity Bias

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The tendency to pay more attention and give more weight to negative than positive experiences or other kinds of information. For example, remembering insults more than compliments.

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Bandwagon Effect

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The psychological phenomenon whereby people do something primarily because other people are doing it, regardless of their own beliefs. An example is someone voting for a political candidate solely because they see others doing so.

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Dunning-Kruger Effect

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A cognitive bias wherein persons of low ability have illusory superiority, mistakenly assessing their cognitive ability as greater than it is. An example is an amateur chess player overly confident in their skills.

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Actor-Observer Bias

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The propensity to attribute one's own actions to external causes while attributing other people's behaviors to internal causes. As an example, you blame your lateness on traffic, but others' lateness on poor time management.

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Gambler’s Fallacy

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The erroneous belief that if a particular event occurs more frequently than normal during the past, it is less likely to happen in the future, or vice versa. An example is believing a coin is 'due' to land on heads after several tails.

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Optimism Bias

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The tendency to believe that we are less likely to experience a negative event. An example is smokers who believe they are less likely to get lung cancer than other smokers.

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Pessimism Bias

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The tendency to overestimate the likelihood of negative outcomes. For example, after losing a job, assuming that it will be impossible to find another one.

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Just-World Hypothesis

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The cognitive bias that a person's actions are inherently inclined to bring morally fair and fitting consequences to that person, to the end of all noble actions being eventually rewarded and all evil actions punished. For instance, believing that people in poverty must have done something to deserve it.

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Confirmation Bias

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The tendency to search for, interpret, favor, and remember information in a way that confirms one's preexisting beliefs or hypotheses. For example, a person holds a belief that left-handed people are more creative and selectively seeks out information that confirms this.

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Illusory Correlation

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The phenomenon of seeing a relationship between variables even when no such relationship exists. For example, believing that ice cream sales cause shark attacks because both rise in the summer.

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In-group Bias

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The tendency to favor one's own group over external groups. For example, believing that your favorite sports team has the best fans while other teams' fans are all biased.

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Overconfidence Effect

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The bias in which someone's subjective confidence in their judgments is reliably greater than their objective accuracy. For instance, thinking you're a better driver than you actually are, based on your driving history without accidents.

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False Consensus Effect

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The tendency to overestimate how much other people agree with us. An example is assuming most of your colleagues share your objections to a new company policy.

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Bystander Effect

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The social psychological theory that individuals are less likely to offer help to a victim when other people are present. An example is walking past a person in need on a busy street, assuming someone else will help.

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Choice-Supportive Bias

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The tendency to remember one's choices as better than they actually were. For example, recalling your decision to buy an expensive vacuum cleaner as the best choice even if it wasn't the most cost-effective.

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Illusion of Control

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The overestimation of one's ability to control events. An example is a gambler who believes they can influence a roulette wheel by using a 'lucky number'.

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Mere Exposure Effect

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The psychological phenomenon by which people tend to develop a preference for things merely because they are familiar with them. For example, preferring a specific brand over others simply because it's the one you were exposed to growing up.

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Not Invented Here Syndrome

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A bias that dismisses ideas, products, or standards because they originate from an external source. For example, a company rejects a superior technology because it wasn't developed internally.

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Post-Purchase Rationalization

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The tendency to persuade oneself through rational argument that a purchase was a good value. An example is convincing yourself that a high-end computer was worth the investment, even if it was beyond your budget.

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