List of cognitive biases Doh!

Decision-making and behavioral biases

Many of these biases are studied for how they affect belief formation and business decisions and scientific research.

  • Bandwagon effect — the tendency to do (or believe) things because many other people do (or believe) the same. Related to groupthink, herd behaviour, and manias.
  • Bias blind spot — the tendency not to compensate for one’s own cognitive biases.
  • Choice-supportive bias — the tendency to remember one’s choices as better than they actually were.
  • Confirmation bias — the tendency to search for or interpret information in a way that confirms one’s preconceptions.
  • Congruence bias — the tendency to test hypotheses exclusively through direct testing, in contrast to tests of possible alternative hypotheses.
  • Contrast effect — the enhancement or diminishment of a weight or other measurement when compared with recently observed contrasting object.
  • Déformation professionnelle — the tendency to look at things according to the conventions of one’s own profession, forgetting any broader point of view.
  • Endowment effect — “the fact that people often demand much more to give up an object than they would be willing to pay to acquire it”.[1]
  • Extreme aversion — most people will go to great lengths to avoid extremes. People are more likely to choose an option if it is the intermediate choice.
  • Focusing effect — prediction bias occurring when people place too much importance on one aspect of an event; causes error in accurately predicting the utility of a future outcome.
  • Framing– by using a too narrow approach or description of the situation or issue.
  • Hyperbolic discounting — the tendency for people to have a stronger preference for more immediate payoffs relative to later payoffs, the closer to the present both payoffs are.
  • Illusion of control — the tendency for human beings to believe they can control or at least influence outcomes that they clearly cannot.
  • Impact bias — the tendency for people to overestimate the length or the intensity of the impact of future feeling states.
  • Information bias — the tendency to seek information even when it cannot affect action.
  • Irrational escalation — the tendency to make irrational decisions based upon rational decisions in the past or to justify actions already taken.
  • Loss aversion — “the disutility of giving up an object is greater than the utility associated with acquiring it”.[2] (see also sunk cost effects and Endowment effect).
  • Neglect of probability — the tendency to completely disregard probability when making a decision under uncertainty.
  • Mere exposure effect — the tendency for people to express undue liking for things merely because they are familiar with them.
  • Omission bias — The tendency to judge harmful actions as worse, or less moral, than equally harmful omissions (inactions).
  • Outcome bias — the tendency to judge a decision by its eventual outcome instead of based on the quality of the decision at the time it was made.
  • Planning fallacy — the tendency to underestimate task-completion times.
  • Post-purchase rationalization — the tendency to persuade oneself through rational argument that a purchase was a good value.
  • Pseudocertainty effect — the tendency to make risk-averse choices if the expected outcome is positive, but make risk-seeking choices to avoid negative outcomes.
  • Reactance – the urge to do the opposite of what someone wants you to do out of a need to resist a perceived attempt to constrain your freedom of choice.
  • Selective perception — the tendency for expectations to affect perception.
  • Status quo bias — the tendency for people to like things to stay relatively the same (see also Loss aversion and Endowment effect).[3]
  • Unit bias — the tendency to want to finish a given unit of a task or an item with strong effects on the consumption of food in particular
  • Von Restorff effect — the tendency for an item that “stands out like a sore thumb” to be more likely to be remembered than other items.
  • Zero-risk bias — preference for reducing a small risk to zero over a greater reduction in a larger risk.
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