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Cognitive Biases and Heuristics

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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 or hypotheses. It impacts cognition by creating a filter through which only supporting evidence is seen.

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Availability Heuristic

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A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision. It often leads to overestimating the probability of events that are easily recalled.

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Anchoring Bias

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During decision making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments. This initial anchor can skew their final estimation or decision.

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Representativeness Heuristic

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The tendency to judge the probability of an event by how much the event resembles typical cases. This can lead to the neglect of relevant base rates and other statistical information.

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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. It affects cognition by creating an illusion of predictability and may contribute to overconfidence in future predictions.

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Negativity Bias

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The notion that, even when of equal intensity, things of a more negative nature have a greater effect on one's psychological state than neutral or positive things. Due to this bias, individuals might dwell more on negative aspects or events.

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Status Quo Bias

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The preference for the current state of affairs. The current baseline is taken as a reference point, and any change from that baseline is perceived as a loss. It can lead to resistance to change and a lack of innovation.

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Bandwagon Effect

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The tendency to do (or believe) things because many other people do (or believe) the same. It's often used in the context of the spread of beliefs and behaviors. The effect can influence behavior and decisions due to peer pressure.

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Choice-Supportive Bias

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Occurs when people remember their choices as better than they actually were, due to the inherent commitment and emotional investments in the choice. This can skew perception and reinforce confidence unwarrantedly.

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Gambler's Fallacy

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The mistaken belief that if an event has occurred more frequently than normal during some period, it will happen less frequently in the future, assuming a finite sequence to be representative of an inherently independent process.

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Actor-Observer Bias

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The tendency to attribute one's own actions to external causes, while attributing other people's behaviors to internal causes. This bias illustrates the difference in attribution based on perspective.

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Fundamental Attribution Error

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The tendency for observers to overestimate personality-based explanations for behaviors observed in others while underestimating situational explanations. It impacts the accuracy of social perception and judgment.

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Dunning-Kruger Effect

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A cognitive bias wherein people of low ability suffer from illusory superiority, mistakenly assessing their cognitive ability as greater than it is. It's characterized by the inability of the low-ability individuals to recognize their lack of ability.

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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. This preserves self-esteem but can distort one's perception of reality.

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Optimism Bias

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The belief that each person is more likely to experience good outcomes and less likely to experience bad outcomes. This affects risk perception and decision-making, often leading to overconfidence in positive outcomes.

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Pessimism Bias

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The tendency to overestimate the likelihood of negative outcomes and underestimate the likelihood of positive outcomes, often leading to a more cautious or negative view on life.

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In-group Favoritism

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The pattern where people provide preferential treatment to others who belong to their own social group. This bias can affect judgment and interpersonal behavior, promoting discrimination and lack of objectivity.

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Overconfidence Effect

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The bias where someone's subjective confidence in their judgments is reliably greater than their objective accuracy, especially when confidence is relatively high. Overconfidence can lead to risky behaviors and errors.

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Just-World Hypothesis

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The cognitive bias that a person's actions inevitably lead to fair and fitting consequences. This belief can result in rationalization of injustice and a tendency to blame victims for their misfortune.

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Sunk Cost Fallacy

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The misconception that one must continue an endeavor because of the resources already invested (time, money, effort), even when continuing is not the best course of action. It can lead to poor decision-making and overinvestment in lost causes.

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