Bias

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Bias

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inclination or prejudice for or against one person or group, especially in a way considered to be unfair

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Anchor Bias

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-The act of basing a judgment on a familiar reference point that is incomplete or irrelevant to the problem that is being solved

- describes the common human tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions

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Bandwagon Effect

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A psychological phenomenon whereby people do something primarily because other people are doing it, regardless of their own beliefs, which they may ignore or override

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Certainty Effect

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-Overweighting outcomes that are certain relative to those that are probably

- psychological phenomenon wherein a customer pays more attention or picks deals wherein he is certain to benefit rather than taking deals where the profit is not certain

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Confirmation Bias

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-the tendency to interpret new evidence as confirmation of one's existing beliefs or theories

-psychological phenomenon that explains why people tend to seek out information that confirms their existing opinions and overlook or ignore information that refutes their beliefs

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Endowment Effect

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hypothesis that people ascribe more value to things merely because they own them.

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Framing Effect

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cognitive bias, in which people react to a particular choice in different ways depending on how it is presented; e.g. as a loss or as a gain. People tend to avoid risk when a positive frame is presented but seek risks when a negative frame is presented.

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Loss Aversion

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The tendency for individuals to prefer avoiding losses rather than accruing gains

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Overconfidence Bias

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a person's subjective confidence in his or her judgments is reliably greater than the objective accuracy of those judgments, especially when confidence is relatively high.

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Present Bias

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the tendency to over-value immediate rewards at the expense of our long-term intentions

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Self Attribution Bias

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occurs when people attribute successful outcomes to their own skill but blame unsuccessful outcomes on bad luck

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Snob Effect

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the desire to own something that is very expensive or rare, for the supposed status one would gain by owning it

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Status Quo Bias

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an emotional bias; a 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

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Warm Glow Effect

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-economic phenomenon that explains why people give to charity by proposing that people engage in impure altruism

- the positive emotional feeling people get from helping others (utility received from the act of giving)