20 COGNITIVE BIASES THAT SCREW UP YOUR DECISIONS 2 Availability heuristic 3 Bandwagon effect The probability of one person Failing to recognize your own cognitive biases is a bias in itself People notice cognitive and motivational biases much first piece of informationt hear In a salary negotiation whoever makes the first offer establishes a range of reasonable possibilities in each person's mind a belief increases in is available to them A person might argue that smoking is not based on the number of people who hold that belief This is a powerful form of and is reason why meetings someone who lived to 100 and 5 Choice-supportive bias 6 Clustering illusion 7 Confirmation bias 8 Conservatism bias 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 We tend to listen only to information that confirms our When you choose something you tend to feel positive about it even if that choice has flaws Like how you think your dog is awesome-even if it bites Where people favor prior evidence over new evidence or information that has emerged People were slow to accept that the Earth was round many reasons it's so hard to have an intelligent conversation about climate c mai earlier understanding that the 9 Information bias 10 Ostrich effect 11 Outcome bias 12 Overconfidence The tendency to seek information when it does not affect action More information is not always better With less information people can oft make more accurate predictions The decision to ignore Some of us are too confident about our abilities and this causes us to take greater risks in our daily lives Experts are more prone to this bias than on angerous or negative the outcome rather than how 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 in the moment Just because you won a lot in Vegas doesn't mean gambling your money was a smart decision are more convinced that they are right 13 Placebo effect 14 Pro-innovation bias 15 Recency The tendency to weigh the 16 Salience 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 e Our tendency to focus on the most easily recognizable features of a person or concept When you think about dying you might worry about being mauled s to overvalue its usefulness and undervalue its limitations Sound familiar Silicon Valley? than older data Investors often think the market will always look the way it looks today and make unwise decisions ical effects IS as people given the real thing statistically more likely like dying 17 Selective perception 18 Stereo 19 Survivorship bias 20 Zero-risk bias in Allowing our influence how we perceive the An error that comes from focusing do examples causing us to a group or person to have certain qualities without having real information about on we counterproductive Eliminating risk entirely means there is no person It allows us t quickly identify strangers as or instance we might think that being an entrepreneur is easy because we haven't heard of all those who failed of harm being caused from two universities showed that one team saw the opposing team commit more infractions s or enemies but people tend to overuse and abuse it SOURCES Brain Biases Ethics Unwrapped Explorable Harvard Magazine HowStuffWorks LeanVest Outcome bias in decision evaluation 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 Communications The less-is-more effect Predictions and tests Judgment and Decision Making The New York Times The Wall Street Journal Wikipedia You Are Not So Smart ZhurnalyWiki BUSINESS INSIDER Those of you taking Psych should save this Meme

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