cognative biases

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8 Terms

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Sunk cost fallacy

The tendency to make decisions about a current situation based on what resources you have already invested in situation

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Loss aversion

The tendency to regard losses as considerably more important than gains of comparable magnitude

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Hedonic adaptation

The tendency to return to a baseline level of happiness regardless of whether you go through a positive or negative experience or event.

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Endowment effect

The tendency to put more value on things you already own

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Herd mentality

The tendency to conform to the behaviors and beliefs of the people around you

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Fomo

The tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media. 

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Overconfidence

The tendency people have to be more confident in their own abilities.

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Confirmation bias

The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence.