These will make you do stupid ****
20 COGNITIVE BIASES THAT SCREW UP YOUR DECISIONS
T. Anchoring like
People are overage rant on the
first piece of information they
hear. In a salary negotiation,
whoever makes the first offer
establishes a range of
reasonable possibilities in
each person' s mind.
5. bias.
When you choose something,
you tend to feel about
it, even ifthat choice has flaws.
Like how you think your dog is
awesome - even if it bites
people every once in a while.
9. Information bias.
The tendency to seek
informati II when it does not
affect action. More information
is not always better. With less
information, people can often
make more accurate predictions.
13. Placebo effect.
When simply believing that
something will have a certain
effect on you causes it to have
that effect. In medicine, people
given fake pills often experience
the same physiological effects
as people given the real thing.
17. Selective perception.
Allowing our expectations to
influence how we perceive the
world. An experiment involving a
football game between students
from two universities showed
that one team saw the opposing
team commit more infractions.
2. Avail: my hem die.
People overestimate the
importance of information that
is available to them. A person
might argue that smoking is not
unhealthy because they know
someone who lived to we and
smoked three packs a day.
6. chattering illusion.
This is the tendency to see
patterns in random events.
it is key to various gambling
fallacies, like the idea that red
is more or less likely to turn up
on a roulette table after a string
of reds.
10. effect.
The decision to i note
dangerous or negative
information by "burying"
one' s head in the sand, like
an ostrich. Research suggests
that investors check the value
of their holdings significantly
less often during bad markets.
14. Pro
When a proponent of an
innovation tends to overvalue
its usefulness and undervalue
its limitations. sound familiar.
Silicon realley?
novation bias.
18. stereotyping.
Expecting a group or person to
have certain qualities without
having real information about
the person. it allows us to
quickly identify strangers as
friends or enemies, but people
tend to overuse and abuse it.
3. Bandwagon effect.
The probability of one person
adopting a belief increases
based on the number of people
who hold that belief. This is a
powerful form of groupthink
and is reason why meetings
are often unproductive.
7. Confirmation bias.
We tend to listen only to
information that confirms our
preconceptions - one of the
many reasons it' s so hard to
have an intelligent conversation
about climate change.
11. Outcome I
Judging a decision based on
the outcome - rather than how
exactly the deal on was made
in the moment. Just because
you won a lot in Vegas doesn' t
mean gambling your money
was a smart decision.
TS. Romney.
The tendency to weigh the
latest information more heavily
than older data. Investors often
think the market will always look
the way it looks today and make
unwise deal one
19. bias.
An error that comes from
focusing only on surviving
examples, causing us to
nudge a situation. For
instance, we might think that
being an entrepreneur is easy
because we haven' t heard of
all those who failed.
SOURCES: main Biases; Ethics unwrapped; Explorable; Hamid Magazine; ; outcome bias in decision
evacuating. Journal of Personality and social Psychology; Psychology today; the Bias Blind Spot: Perceptions of Bias in Self Versus
others. Personality and social Psychology Bulletin; The cognitive Effects of Mass communication, Theory and Research in Mass
Column
aliens: The effect; Predictions and tests. Judgment and Dec
Street Journal; Wikipedia; Yrm Ne Not so smart;
fl Making; The New ' tmes; The Wall
4. but
to recognize your own
cow biases is a bias in
itself. People notice cognitive
and motivational biases much
more in others than in
themselves.
B. Conservation
Where people favor prior
evidence over new evidence or
information that has emerged.
People were slow to accept
that the Earth was round
because they maintained their
earlier understanding that the
planet was flat.
Some of us are too confident
about our ab es, and this
causes us to take greater risks
in our daily lives. Experts are
more prone to this bias than
laypeople, since they are more
convinced that they are right.
16. salience.
to focus on
the most easily recognizable
features of a person or concept.
When you think about dying, you
might worry about being mauled
by a Iio as opposed to what is
statistically more likely, like dying
in a car accident.
20. bias.
Sociologists have found that
we love certainty - even if it' s
counterproductive. Eliminating
risk entirely means there is no
chance of harm being caused.
...
