Enhance Your Learning with Economics - Cognitive Biases Flash Cards for quick learning
The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.
The tendency to rely too heavily on the first piece of information encountered when making decisions.
The tendency to overestimate the likelihood of events based on their availability in memory.
The tendency to prefer avoiding losses over acquiring equivalent gains.
The tendency to value something more once it is owned.
The way information is presented can influence decision-making and judgment.
The tendency to continue investing in a project or decision based on past investments, even when the current costs outweigh the benefits.
The tendency to overestimate one's own abilities, knowledge, or predictions.
The preference for the current state of affairs and resistance to change.
The tendency to believe, after an event has occurred, that one would have predicted or expected the outcome.
The tendency to weigh recent events or information more heavily than older ones.
The belief that past random events can influence future random events, even when the events are independent and unrelated.
The tendency to follow the actions or decisions of a larger group, often leading to irrational behavior.
The tendency to attribute successes to internal factors and failures to external factors.
The belief that one has more control over outcomes than is actually the case.
The tendency to treat money differently based on its source, use, or intended purpose.
The tendency to prefer smaller immediate rewards over larger delayed rewards.
The tendency to favor individuals or groups that one belongs to or identifies with.
The tendency to perceive members of out-groups as more similar to each other than members of in-groups.
The tendency to attribute greater accuracy or credibility to an authority figure's opinion or decision.
The tendency to adopt certain beliefs or behaviors because others are doing so.
The tendency to remember one's choices as better than they actually were.
The difficulty in imagining what it is like for someone else to not know something that you know.
The phenomenon where adding a third option that is inferior to the other two options can influence decision-making by making one of the original options more attractive.
The tendency to attribute others' behavior to internal factors while ignoring external factors.
The tendency to judge a person or thing positively or negatively based on one characteristic or trait.
The tendency to seek more information than is necessary or useful for making a decision.
The tendency to give more weight to negative experiences or information than positive ones.
The tendency to favor inaction or omission over action, even when the negative outcomes of inaction are greater than the negative outcomes of action.
The tendency to judge the quality of a decision based on the outcome, rather than the decision-making process itself.
The tendency to perceive meaningful patterns or images in random or ambiguous stimuli.
The tendency to judge an experience based on the peak (most intense point) and the end, rather than the overall experience.
The tendency to feel obligated to reciprocate when someone does something for us.
The tendency to judge the likelihood of an event based on how well it matches a particular prototype or stereotype.
The tendency to selectively interpret or perceive information in a way that supports one's preexisting beliefs or expectations.
The tendency to reject new evidence or knowledge because it contradicts established norms or beliefs.
The tendency to give socially desirable responses or to present oneself in a favorable light.
The tendency to focus on the successes or survivors and overlook the failures or non-survivors.
The tendency to prefer options that have no risk, even if the riskier option has a higher expected payoff.
The tendency to avoid options with uncertain outcomes, even if the uncertain option has a higher expected value.
The self-reinforcing process where a belief or idea becomes more popular and accepted as it is repeated and reported more often.
The tendency to believe general or vague statements about oneself that could apply to many people.
The difficulty in making a decision when faced with too many options, often resulting in no decision being made.
The tendency to perceive patterns or clusters in random or unrelated data.
The tendency to overestimate one's own abilities or qualities in relation to others.
The tendency to believe that information is more likely to be true if it is repeated often.
The failure to notice or perceive unexpected stimuli when attention is focused on something else.
The tendency to ignore or underestimate the probability of rare events or unlikely outcomes.