Cognitive Bias Flashcars

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Anchoring Bias

Tendency to rely on the first piece of information given.

Availability Heuristic

People overestimating the importance of memorable past information. For example, a man being afraid of going to the beach because he remembers a shark attack happening there.

Bandwagon Effect

When someone adopts a belief/action because of other’s actions. For example, a person ordering salad because all their friends are, even though they initially wanted a burger.

Blindspot Bias

The failure to realize our own biases. For example, Daniella believed her talent earned her spot on the ice-skating team even when competitors pointed out that she fell twice and her mother is best friends with the coach.

Choice-Supportive Bias

The tendency to support a stance/choice you’ve already made. For example, saying dogs are superior pets because you have a dog.

Clustering Illusion

The tendency to see patterns in events governed by randomness. For example, a dice rolls three multiple times in a row doesn’t mean it will or won’t be three on the next throw.

Confirmation Bias

The tendency to accept new information because it reinforces pre-existing views

Conservatism Bias

Tendency to accept old information over new ones. For example, some people still believe Pluto to be a planet.

Information Bias

The tendency to gather as much information as possible, even if the information isn’t actually relevant

Ostrich Effect

Tendency to ignore information you don’t agree with

Outcome Bias

Tendency to judge a decision as ‘bad’ or ‘good’ based on the outcome. For example, winning the lottery doesn’t mean spending your last remaining money was a good decision.

Overconfidence

Overestimation of one’s own ability

Placebo Effect

The belief something will or does have an effect just because it’s advertised as such

Pro-Innovation Bias

Belief that a new creation is better than the past. For example, thinking a reformulated cereal brand is healthier even though it contains more additives

Recency Bias

Belief that the present information is the most accurate. For example, thinking the stock market now will stay the same in the future

Salience

Tendency to focus on the most memorable details rather than the objective ones. For example, fearing death from lions rather than something more likely, such as natural causes.

Selective Perception

The influence expectations have on our perception. For example, a rival university thinks their opponents will commit more foul play, resulting in them seeing foul play even when there is none.

Stereotyping

The preconceptions people have on groups, other people, or persons even without real information

Survivorship Bias

Error in which only the ‘successful’ examples are shown to you, cloudy your judgement. For example, thinking entrepreneurs are all successful because you’ve never heard of one failing.

Zero Risk Bias

The tendency to gravitate toward certainty, even if it’s counterproductive. For example, forgoing an operation with a 50% success rate