Availability Bias
Giving a greater weight to easily recalled and recent information over information that is less recallable or harder to understand. The heuristics states that if the information can be recalled then it must be important. citation:
Biases
Availability Bias
Giving a greater weight to easily recalled and recent information over information that is less recallable or harder to understand. The heuristics states that if the information can be recalled then it must be important.
Ambiguity Effect
A cognitive bias where decision making is affected by a lack of information, or “ambiguity”. The effect implies that people tend to select options for which the probability of a favorable outcome is known, over an option for which the probability of a favorable outcome is unknown.
Anchoring
The Anchoring Heuristic, also know as ‘focalism’, refers to the human tendency to accept and rely on, the first piece of information received before making a decision. That first piece of information is the anchor and sets the tone for everything that follows.
Denomination Effect
The denomination effect is a theoretical form of cognitive bias relating to currency, whereby people are less likely to spend larger bills than their equivalent value in smaller bills. In an experiment university students were given a dollar, either in quarters or as a single dollar bill. The students were then given the option to …
Hyperbolic Discounting
A cognitive bias in which people value things that they can get NOW more than things of greater value they might get in the future. This is because at a deep emotional level, driven by the limbic system, we seek immediate gain to give us instant gratification. Rational evaluation of longer-term gains on the other …