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60 Cards in this Set
- Front
- Back
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Anchoring |
The tendency to rely too heavily on one piece of information |
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Attentional Bias |
When someone focuses on only one or two choices despite there being several possible outcomes |
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Availability Heurisitics |
Where people overestimate the importance of information that is available to them |
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Availability Cascade |
A simple idea that gains popularity because of how simple it is, and then seems even more simple because of how popular it is |
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Backfire Effect |
When you reject evidence that contradicts your point of view even if you know it's true |
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Bandwagon |
Probability of one person adopting a belief increases based on the number of people who hold that belief |
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Belief Bias |
A bias where people make faulty conclusions based on what they already believe or know |
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Bias blind spots |
Failing to realize your own cognitive bias |
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Choice-supportive bias |
A bias in which you think positive things about a choice onc you made it, even if it has its flaws |
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Clustering illusion |
To conclude that data includes a streak or cluster when it is actually random |
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Confirmation bias |
A tendency people have to believe certain information that confirms what they think or believe in |
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Conservatism bias |
Where people believe prior evidence more than new evidence or information that emerged |
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Curse of knowledge |
When people who are smarter can not understand the common man |
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Decoy effect |
A phenomenon in marketing where customers have a specific change in preference between two choices after being presented with a third choice |
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Denomination effect |
People are less likely to spend large bills than their equivalent value in small bills or coins |
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Distinction bias |
When you value two options differently when looking at them together rather than separately |
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Duration neglect |
When the duration of an event doesn't factor enough into a valuation |
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Empathy gap |
Where people in one state fail to understand people in another state |
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Frequency illusion |
When a word, name, or thing you just learned about suddenly appears everywhere |
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Galatea effect |
where people succeed because they think they should |
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Halo effect |
Where we take one positive attribute of someone and associate it with everything else about that person or thing |
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Hard-Easy bias |
where everyone is overconfident on easy problems and not confident for hard problems |
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Herding |
People tend to flock together, especially in difficult or uncertain times |
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Hindsight bias |
The tendency to see past events as predictable |
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Hyperbolic discounting |
The tendency for people to want an immediate payoff rather than a larger gain later on |
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Ideometer effect |
Where an idea causes you to have an unconcious physical reaction, like a sad thought that makes your eyes tear up |
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Illusion of control |
The tendency for people to overestimate their ability to control events |
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Illusion of validity |
When weak but consistent data leads to confident predictions |
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Information bias |
The tendency to seek information when it does not affect action. More information is not always better. |
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Inter-group bias |
We view people in our group idfferently than we would someone in another group |
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Irrational escalation |
Investing more money or resources into something based on prior investment, even if you know it's a bad one |
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Just-world hypothesis |
People wanting to believe that situations are guided by forces of justice, stability, or order |
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Less-is-more effect |
With less knowledge, people can often make more accurate predictions |
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Negativity bias |
The tendency to put more emphasis on negative experiences rather than positive ones. |
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Observer-expectancy effect |
Our expectations unconsciously influence how we perceive an outcome |
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Omission bias |
The tendency to judge harmful actions as worse than equally harmful inactions |
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Ostrich effect |
The decision to ignore dangerous or negative information by burying one's head in the sand |
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Outcome bias |
Judging a decision based on the outcome over the quality of the decision when it was made |
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Overconfidence |
Too confident, take greater risks |
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Overoptimism |
When we believe the world is a better place than it is, we aren't prepared for the danger we may encounter. The inability to accept the full breadth of human nature leaves us vulnurable |
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Pessimism bias |
Pessimists over-weigh negative consequences with their own and others' actions |
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Placebo effect |
A self-fulfilling prophecy, where belief in something causes it to be effective |
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Planning fallacy |
the tendency to underestimate how much time it will take to complete a task |
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Post-purchase rationalizaatio |
Making ourselves believe that a purchase was worth the value after the fact |
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Pro-innovation bias |
When a proponent of an innovation tends to overvalue its usefulness and undervalue its limitations |
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Procrastination |
Deciding to act in favor of the present moment over investing in the future |
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Reactance |
The desire to do the opposite of what someone wants you to do, in order to prove your freedom of choice |
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Recency |
The tendency to weigh the latest information more heavily than older data |
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Reciprocity |
The belief that fairness should trump other values, even if its not in our interests |
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Restraitn bias |
Overestimating one's ability to show restraint in the face of temptation |
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Salience |
Our tendency to focus on the most easily-recognizable features of a person or concept |
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Seersucker illusion |
Over-reliance on expert advice, based on an avoidance of responsibility |
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Selective perception |
Allowing our expectations to influence how we perceive the world |
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Self-enhancing transmission bias |
Everyone shares their successes more than their failures. This leads to a false perception of reality and inability to accurately assess situations. |
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Status quo bias |
The tendency to prefer things to stay the same, similar to loss-aversion bias |
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Stereotyping |
Expecting a group or person to have certain qualities without having real information about the individual |
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Survivorship bias |
An error that comes from focusing only on surviving examples, causing us to misevaluate a situation |
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Tragedy of the commons |
Overuse common resources because its not in any individual's interest to conserve them |
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Unit bias |
The belief there is an optimal unit size |
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Zero-risk bias |
The preference to reduce a small risk to zero versus achieving a greater reduction in a greater risk. This plays to our desire to have complete control over a single, more minor outcome |
