Cognitive Biases in Decision Making
Psychology/decision-science cards — common biases with exam-friendly definitions and examples.
12 cards· by GuruOwl
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Try it- 01What is confirmation bias?Favoring information that confirms existing beliefs and discounting disconfirming evidence.bias
- 02What is availability heuristic?Judging probability by how easily examples come to mind (recent/vivid events overweighted).heuristic
- 03What is anchoring?Over-relying on an initial number/value when estimating, even if arbitrary.bias
- 04What is loss aversion (prospect theory sketch)?Losses loom larger than equivalent gains — people dislike losing $100 more than they like gaining $100.bias
- 05What is sunk cost fallacy?Continuing a project because of past investment rather than future costs/benefits.bias
- 06What is survivorship bias?Drawing conclusions from winners that remain visible while ignoring failures that dropped out.bias
- 07What is hindsight bias?Seeing past events as more predictable than they were (“I knew it all along”).bias
- 08What is overconfidence bias?Overestimating the accuracy of one’s knowledge or control over outcomes.bias
- 09What is the Dunning–Kruger effect (popular sketch)?Low-ability individuals may overestimate competence; experts may underestimate relative ease.bias
- 10What is status quo bias?Preferring the current state even when change has better expected value.bias
- 11What is framing effect?Choices change when the same options are presented as gains vs losses.bias
- 12One debiasing tactic for confirmation bias?Actively seek disconfirming evidence / pre-mortems / red teams.practice