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Cognitive Biases: Problem 1: Too Much Information

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Anchoring / Contrast effect / Focusing effect

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Terms in this set (33)

Anchoring / Contrast effect / Focusing effect

We rely too much on the first piece of information given (the "anchor") and then evaluate other options in relation to that anchor.

Attentional bias

Our perception is affected by our current thinking, so we fail to consider alternative possibilities.

Availability heuristic

If we can recall something, it must be more important than alternative solutions not as easily recalled.

Base rate fallacy

We focus on specific, anecdotal information over generic, base rate information.

Bias blind spot

We see bias at work in other people's judgment but not in our own.

Bizarreness effect / Humor effect

We remember bizarre / humorous material more easily than non-bizarre / funny material.

Confirmation bias

We search for, interpret, favor, and recall information in a way that confirms our preexisting beliefs.

Congruence bias

We're more likely to try to prove our hypothesis than to disprove it

We revise our beliefs insufficiently when presented with new evidence

Context effect / cue-dependent forgetting / mood-congruent memory bias

We fail to recall information without memory cues.

Continued influence effect

If we learn a false truth, we continue to be influenced by it even if we have since learnt it is false.

Distinction bias

We observe more differences if we compare two products at the same time vs. separately.

We underestimate how much visceral drives influence our attitudes, preferences, and behaviors.

Experimenter's bias / Observer effect / Expectation bias

Our expectations during obvservation can bias the outcome.

We react to choices differently depending on how it's presented. We avoid risk when a positive frame is presented and seek risk when a negative frame is presented.