Cognitive Biases

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Spotlight Effect

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16 Terms

1

Spotlight Effect

We overestimate how much people pay attention to our behavior and appearance

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2

Self-Serving Bias

Our failures are situational (not our fault) BUT our successes are due to our talent

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3

Curse of Knowledge

Once we know something, we assume everyone else does too

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4

Availability Heuristic

We rely on immediate/recent/extreme examples while making judgements

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5

Dunning-Kruger Effect

The less we know, the more confident we are; the more we know, the less confident we are

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6

Anchoring Bias

You heavily rely on the first piece of info introduced when making decisions

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7

Confirmation Bias

We tend to find and remember info that confirms our perceptions

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8

Status Quo Bias

We tend to prefer things to stay the same; change is seen as a loss

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9

Gambler’s fallacy

We think future possibilities are affected by past events

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10

Zero-Risk Bias

We prefer to reduce small risks to zero, even if we can reduce more risk overall with another option

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11

Framing Effect

We often draw different conclusions from info depending on how it’s presented (20% fat v.s. 80% fat free)

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12

Ikea Effect

We place higher value on things we partially created ourselves

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13

Misinformation Effect

Info we learn after an event may interfere with our memory of the original event

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14

Recency Bias

We place more value on more recent info and examples

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15

Temporal Discounting

We favor our present self at the expense of our future self

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16

Loss Aversion

Pain of losing is significantly more powerful than the happiness of gain

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