Cognitive Biases

in Cognitive Biases

Framing – using an approach or description of the situation or issue that is too narrow. Also framing effect – drawing different conclusions based on how data is presented.

in Cognitive Biases

Hyperbolic discounting – the tendency for people to have a stronger preference for more immediate payoffs relative to later payoffs, where the tendency increases the closer to the present both payoffs are.

in Cognitive Biases

Illusion of control – the tendency to believe that outcomes can be controlled, or at least influenced, when they clearly cannot.

in Cognitive Biases

Impact bias – the tendency to overestimate the length or the intensity of the impact of future feeling states.

in Cognitive Biases

Information bias – the tendency to seek information even when it cannot affect action.

in Cognitive Biases

Interloper effect – the tendency to value third party consultation as objective, confirming, and without motive. Also consultation paradox, the conclusion that solutions proposed by existing personnel within an organization are less likely to receive support than from those recruited for that purpose.

in Cognitive Biases

Irrational escalation – the phenomenon where people justify increased investment in a decision, based on the cumulative prior investment, despite new evidence suggesting that the decision was probably wrong.

in Cognitive Biases

Just-world phenomenon - the tendency to rationalize an inexplicable injustice by searching for things that the victim might have done to deserve it.

in Cognitive Biases

Loss aversion – the disutility of giving up an object is greater than the utility associated with acquiring it. (see also sunk cost effects and Endowment effect).

in Cognitive Biases

Mere exposure effect – the tendency to express undue liking for things merely because of familiarity with them.