Rationality and Cognitive Biases

This set of flashcards covers fundamental concepts related to rationality, cognitive biases, and their implications in decision-making, as discussed in the lecture.

Rationality

The quality of being based on or in accordance with reason or logic.

Cognitive Biases

Systematic patterns of deviation from norm or rationality in judgment, where inferences about other people and situations may be drawn in an illogical fashion.

Rhyme as Reason Bias

The tendency to believe rhyming statements as more truthful than non-rhyming statements.

Hot-Hand Fallacy

The belief that a person experiencing success with a random event has a greater chance of further success.

Survivorship Bias

A cognitive bias that occurs when focusing on successful entities while overlooking those that did not survive, leading to false conclusions.

Availability Bias

The tendency to overestimate the probability of events based on how easily they come to mind.

Base-Rate Neglect

The tendency to ignore the overall probability of an event in favor of specific information.

Framing Effect

The way information is presented can significantly affect decisions and judgments.

Confirmation Bias

The tendency to search for, interpret, and remember information in a way that confirms one’s preconceptions.

Myside Bias

The tendency to evaluate evidence and come to conclusions based on one’s own beliefs or opinions, rather than objective criteria.