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Algorithms
Methodical, logical step-by-step procedures that guarantee a solution to a problem if applied correctly
Heuristics
Simple, efficient thinking strategies or mental shortcuts that allow quicker judgements and problem solving but are more error-prone than algorithms
Availability Heuristic
Estimating the likelihood of events based on how easily examples come to mind, often leading to overestimating dramatic or recent events
Representativeness Heuristic
Judging the probability of something based on how well it matches a prototype, which can cause us to ignore base-rate information
Overconfidence
The tendency to overestimate the accuracy of our knowledge and judgements, often leading to mistakes in decision making
Belief Bias
The tendency for existing beliefs to distort logical reasoning, making us accept invalid conclusions if they fit our beliefs
Belief perseverance
Clinging to initial beliefs even after evidence has been discredited, especially when we have generated arguments supporting those beliefs
Confirmation Bias
The tendency to search for, interpret, and remember information that confirms our preconceptions while ignoring contradictory evidence
Framing
The way an issue or question is presented, which can significantly affect decision and judgements even when underlying information is the same
Mental Set
A tendency to approach a problem in the same way that has worked before, which can make it hard to see new solutions
Functional Fixedness
A type of mental set where we only think of familiar functions for objects, blocking us from seeing alternative uses that could solve a problem
Insight
A sudden, novel realization of the solution to a problem, typically occurring without a clear step-by-step strategy
Convergent thinking
Type of thinking that narrows down options to find a single best solution; heavily emphasized on standard intelligence
Divergent Thinking
Type of thinking that generates many possible solutions to a problem; associated with creativity and originality
Gambler’s fallacy
The mistaken belief that past random events affect the likelihood of future random events, such as thinking a coin is “due” to land heads
Sunk-cost Fallacy
The tendency to continue an endeavor once an investment in money, effort, or time has been made, even when it would be better to cut losses
Anchoring effect
Relying too heavily on the first piece of information offered when making decisions, which skews later judgements
Hindsight Bias
The tendency to believe, after learning an outcome, that we would have predicted it all along, distorting our memory of prior uncertainty
Fixation
The inability to see a problem for a new perspective, often caused by a mental set or functional fixedness
Creativity
The ability to produce ideas that are both novel and valuable, often involving divergent thinking, intrinsic motivation, and a supportive environment