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Cognitive biases: Difference between revisions
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Cognitive biases persist in society as they are self-reinforcing by a combination of the [[Dunning Kruger effect]] and the [[Confirmation Bias]]. Below is a list of the most prevalent cognitive biases in society ranked on their importance: | Cognitive biases persist in society as they are self-reinforcing by a combination of the [[Dunning Kruger effect]] and the [[Confirmation Bias]]. Below is a list of the most prevalent cognitive biases in society ranked on their importance: | ||
# [[Optimism bias]] - a computer cannot tell you whether it will rain or not, only the probability of it occurring. | # [[Optimism bias|'''Optimism bias''']] - a computer cannot tell you whether it will rain or not, only the probability of it occurring. | ||
#[[Additive Bias]] | #[[Additive Bias|'''Additive Bias''']] - we may be biased toward adding more things—more resources, more rules, more habits and responsibilities—rather than the opposite. | ||
#Availability Heuristic<ref>https://www.goodreads.com/book/show/11468377-thinking-fast-and-slow</ref> - people tend to use the ease with which they can think of examples when making decisions. | #'''Availability Heuristic'''<ref>https://www.goodreads.com/book/show/11468377-thinking-fast-and-slow</ref> - people tend to use the ease with which they can think of examples when making decisions. | ||
#Anchoring Effect - the common human tendency to rely too heavily on the first piece of information offered (the “anchor”) when making decisions. | #'''Anchoring Effect''' - the common human tendency to rely too heavily on the first piece of information offered (the “anchor”) when making decisions. | ||
#Hindsight Bias - the tendency to think that an event was more obvious or predictable than it really was. | #'''Hindsight Bias''' - the tendency to think that an event was more obvious or predictable than it really was. | ||
#Sunk Cost Fallacy - whereby a person is reluctant to abandon a strategy or course of action because they have invested heavily in it, even when it is clear that abandonment would be more beneficial. | #'''Sunk Cost Fallacy''' - whereby a person is reluctant to abandon a strategy or course of action because they have invested heavily in it, even when it is clear that abandonment would be more beneficial. | ||
#Halo Effect - people assume a person or thing is good in every way because of one good characteristic. | #'''Halo Effect''' - people assume a person or thing is good in every way because of one good characteristic. | ||
#Scarcity effect - makes people more likely to buy something when they think it’s about to run out or be taken away from them. | #'''Scarcity effect''' - makes people more likely to buy something when they think it’s about to run out or be taken away from them. | ||
#'''Thought paradoxes''' - [[Allais' Paradox]]. | |||
==== Allais’ Paradox ==== | ==== Allais’ Paradox ==== | ||