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10 Cards in this Set

  • Front
  • Back

System 1

Fast and effortless


Expansive thinking


Jumps to conclusions

System 2

Slow and conscious


Handle logic and reductive reasoning


Requires time and fatigue

Bounded Awareness

Leads people to ignore info



Availability Heuristic

We go with what is easiest for us to remember and is avalible

Confirmation Heuristic

Irrelevant anchors affect our decision, go with info that confirms our thoughts

Hindsight Bias

We are not good at recalling uncertain situations

Overconfidence

Illusion of control


Higher motivation

Self Fulfilling Prophecies

People try harder in situations w poor probabilities of success

Status Enhancement Theory

Rewards overconfidence with status

Escalation of Commitment

Caused by self justification, confirmation bias and loss aversion