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Cognitive Biases: Difference between revisions
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*'''[[Sunk Cost Fallacy]]''' - the ego does not like to be proven wrong in its past investments. This fallacy occurs when 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]]''' - the ego does not like to be proven wrong in its past investments. This fallacy occurs when 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. | ||
*[[Loss Aversion Bias|'''Loss Aversion Bias''']] - the pain of losing is psychologically about twice as powerful as the pleasure of gaining. | *[[Loss Aversion Bias|'''Loss Aversion Bias''']] - the pain of losing is psychologically about twice as powerful as the pleasure of gaining. | ||
=== Social Cognitive Biases === | === Social Cognitive Biases === | ||
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* [[Authority Bias|'''Authority Bias''']] - the tendency to attribute greater accuracy to the opinion of an authority figure and be more influenced by that opinion. Social pressure can cause individuals to align their beliefs with those of an authority figure, even when those beliefs are incorrect. | * [[Authority Bias|'''Authority Bias''']] - the tendency to attribute greater accuracy to the opinion of an authority figure and be more influenced by that opinion. Social pressure can cause individuals to align their beliefs with those of an authority figure, even when those beliefs are incorrect. | ||
* '''[[Bandwagon Effect]]''' (aka ''Groupthink'' or ''conformity bias'') - occurs within a group of people, in which the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome. | * '''[[Bandwagon Effect]]''' (aka ''Groupthink'' or ''conformity bias'') - occurs within a group of people, in which the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome. | ||
=== Retrospective Cognitive Biases === | |||
The egoic mind is so strong it can rewrite past memories in favour of itself: | |||
* '''[[Hindsight Bias]]''' - the tendency to think that an event was more obvious or predictable than it really was. | |||
* [[Rosy Retrospection Bias|'''Rosy Retrospection Bias''']] - where even when people have failed they overestimate the good aspects of the past. | |||
=== Energy Frugal Brain Biases === | === Energy Frugal Brain Biases === | ||
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=== Other Cognitive Biases === | === Other Cognitive Biases === | ||
*'''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. | ||
*'''Appeal to Pity''' - someone accused of a crime using a cane or walker to appear more feeble in front of a jury is one example of appeal to pity. | *'''Appeal to Pity''' - someone accused of a crime using a cane or walker to appear more feeble in front of a jury is one example of appeal to pity. | ||