cognitive biases

Cognitive biases are systematic patterns of deviation from norm or rationality in judgment, and are often studied in psychology and behavioral economics

  • Naïve realism

  • Self-Serving Bias: The tendency to blame external forces when bad things happen and give yourself credit when good things happen.

  • Anchoring Bias: is a cognitive bias where an individual relies too heavily on an initial piece of information offered when making decisions.

  • Availability Heuristic bias: is 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. The availability heuristic operates on the notion that if something can be recalled, it must be important, or at least more important than alternative solutions which are not as readily recalled.[1] Subsequently, under the availability heuristic, people tend to heavily weigh their judgments toward more recent information, making new opinions biased toward that latest news.

  • Bandwagon Bias: is a psychological phenomenon in which people do something primarily because other people are doing it, regardless of their own beliefs, which they may ignore or override.

  • Choice Supportive Bias: is the tendency for a decision-maker to defend his own decision or to later rate it better than it was simply because he made it.

  • Confirmation Bias: is the tendency to search for, interpret, favor, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.

  • Ostrich Bias: is a tendency to ignore dangerous or negative information by ignoring it or burying one’s head in the sand. Sometimes we do this when we have already made up our mind about something. It may also be an indication we only want to consider the positive aspects of something.

  • Outcome Bias: is an error made in evaluating the quality of a decision when the outcome of that decision is already known. Specifically, the outcome effect occurs when the same “behavior produce[s] more ethical condemnation when it happen[s] to produce bad rather than good outcome, even if the outcome is determined by chance.”[

  • Overconfidence effect: is a well-established bias in which a person’s subjective confidence in his or her judgements is reliably greater than the objective accuracy of those judgements, especially when confidence is relatively high.[1] Overconfidence is one example of a miscalibration of subjective probabilities. Throughout the research literature, overconfidence has been defined in three distinct ways: (1) overestimation of one’s actual performance; (2) overplacement of one’s performance relative to others; and (3) overprecision in expressing unwarranted certainty in the accuracy of one’s beliefs.

    • Gambler’s fallacy: is the mistaken belief that, if something happens more frequently than normal during a given period, it will happen less frequently in the future.
    • ego is the enemy book
  • Placebo bias: is a substance or other kind of treatment that looks just like a regular treatment or medicine, but is not. It’s actually an inactive “look-alike” treatment or substance. This means it’s not a medicine.

    • the way of thinking is super important, positive people have positve life
    • if you really believe something you will eventually achieve it, or at least find a way to achieve it. Because the placebo effect will give you the motivation
    • the opposite is Nocebo effect: the effects of negative expectancies
  • Survivorship Bias: is the logical error of concentrating on the people or things that made it past some selection process and overlooking those that did not, typically because of their lack of visibility. This can lead to false conclusions in several different ways. It is a form of selection bias.

  • Selective Perception Bias: is the tendency not to notice and more quickly forget stimuli that cause emotional discomfort and contradict our prior beliefs

  • Blind Spot Bias: is the cognitive bias of recognizing the impact of biases on the judgment of others, while failing to see the impact of biases on one’s own judgment

Homophily

People tend to hang out with other people who are similar to them

Groupthink

It is a psychological phenomenon that occurs within a group of people in which the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome. Group members try to minimize conflict and reach a consensus decision without critical evaluation of alternative viewpoints by actively suppressing dissenting viewpoints, and by isolating themselves from outside influences.

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