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Cognitive Biases: Difference between revisions
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* [[Gaming Manipulation Techniques|Gaming]] / Gambling | * [[Gaming Manipulation Techniques|Gaming]] / Gambling | ||
== The Objectivity Assumption == | |||
The best place to start to learn about biases is [[The Objectivity Assumption]] (see presentation above), which is the common held belief that one's self is absent of thought bias. Once understood, you will start to see how the various '''[[heuristics]], [[Thought Paradoxes|paradoxes]] or [[Logical fallacies|fallacies]]''' that make up the human mind exist and are protected by the ego's difficulty in being proven wrong ([[cognitive dissonance]]). | The best place to start to learn about biases is [[The Objectivity Assumption]] (see presentation above), which is the common held belief that one's self is absent of thought bias. Once understood, you will start to see how the various '''[[heuristics]], [[Thought Paradoxes|paradoxes]] or [[Logical fallacies|fallacies]]''' that make up the human mind exist and are protected by the ego's difficulty in being proven wrong ([[cognitive dissonance]]). | ||
=== Egoic Cognitive Biases === | |||
These are cognitive biases which are all based around maintaining the ego's inflated sense of self: | These are cognitive biases which are all based around maintaining the ego's inflated sense of self: | ||
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*[[Rosy Retrospection Bias|'''Rosy Retrospection Bias''']] - where even when people have failed they overestimate the good aspects of the past. | *[[Rosy Retrospection Bias|'''Rosy Retrospection Bias''']] - where even when people have failed they overestimate the good aspects of the past. | ||
=== Social Cognitive Biases === | |||
Social pressure exerts pressure on rational decision making to maintain the status quo causing: | Social pressure exerts pressure on rational decision making to maintain the status quo causing: | ||
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* '''[[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. | ||
=== Energy Frugal Brain Biases === | |||
[[Energy frugal brain|The brain is the most energy hungry organ in our bodies]], so to save energy we have evolved shortcuts in our thinking to reduce cognitive load: | [[Energy frugal brain|The brain is the most energy hungry organ in our bodies]], so to save energy we have evolved shortcuts in our thinking to reduce cognitive load: | ||
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* '''[[Present Bias]]''' - we are hardwired to choose a smaller gain today than a larger gain tomorrow. | * '''[[Present Bias]]''' - we are hardwired to choose a smaller gain today than a larger gain tomorrow. | ||
=== Other Cognitive Biases === | |||
*'''[[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. | ||
*'''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. | ||