The Cognitive Zoo

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This list is extracted from the Wikipedia article ”List of cognitive biases” and provides a wide overview of the most common cognitive biases affecting decision-making

Ambiguity effect

The tendency to avoid options for which missing information makes the probability seem “unknown.” see article about cooperation with a stranger or an egoist

Anchoring

The tendency to rely too heavily, or “anchor,” on a past reference or on one trait or piece of information when making decisions (also called “insufficient adjustment”). it is linked with representativeness bias like bas rate fallacy and Attentional Bias – the tendency of emotionally dominant stimuli in one’s environment to preferentially draw and hold attention and to neglect relevant data when making judgments of a correlation or association.

Belief bias

An effect where someone’s evaluation of the logical strength of an argument is biased by the believability of the conclusion.

Confirmation bias

The tendency to search for or interpret information in a way that confirms one’s preconceptions.

Congruence bias

The tendency to test hypotheses exclusively through direct testing, in contrast to tests of possible alternative hypotheses.

Conjunction fallacy

The tendency to assume that specific conditions are more probable than general ones.

Denomination effect

The tendency to spend more money when it is denominated in small amounts (e.g. coins) rather than large amounts (e.g. bills).

Endowment effect

The fact that people often demand much more to give up an object than they would be willing to pay to acquire it.

Framing effect

Drawing different conclusions from the same information, depending on how that information is presented see also partition dependence bias or see also unit dependence effect

Gambler’s fallacy

The tendency to think that future probabilities are altered by past events, when in reality they are unchanged. Results from an erroneous conceptualization of the Law of large numbers. For example, “I’ve flipped heads with this coin five times consecutively, so the chance of tails coming out on the sixth flip is much greater than heads.” The contrary is to ignore prior probability that matters in case of base rate fallacy.

Hindsight bias

Sometimes called the “I-knew-it-all-along” effect, the tendency to see past events as being predictable at the time those events happened.(sometimes phrased as “Hindsight is 20/20”)

Loss aversion

“The disutility of giving up an object is greater than the utility associated with acquiring it”.(see also Sunk cost effects and endowment effect).

Mere exposure effect

The tendency to express undue liking for things merely because of familiarity with them.

Omission bias

The tendency to judge harmful actions as worse, or less moral, than equally harmful omissions (inactions).

Optimism bias

The tendency to be over-optimistic, overestimating favorable and pleasing outcomes (see also wishful thinking, valence effect, positive outcome bias

Planning fallacy

The tendency to underestimate task-completion times.

Primacy effect

The greater ease of recall of initial items in a sequence compared to items in the middle of the sequence.

Recency bias

A cognitive bias that results from disproportionate salience of recent stimuli or observations – the tendency to weigh recent events more than earlier events (see also peak-end rule).

Status quo bias

The tendency to like things to stay relatively the same (see also loss aversion, endowment effect, and system justification).

Defensive attribution hypothesis

Defensive attributions are made when individuals witness or learns of a mishap happening to another person. In these situations, attributions of responsibility to the victim or harm-doer for the mishap will depend upon the severity of the outcomes of the mishap and the level of personal and situational similarity between the individual and victim. More responsibility will be attributed to the harm-doer as the outcome becomes more severe, and as personal or situational similarity decreases.

Dunning–Kruger effect

An effect in which incompetent people fail to realize they are incompetent, because they lack the skill to distinguish between competence and incompetence.

Egocentric bias

Fundamental attribution error – the tendency for people to over-emphasize personality-based explanations for behaviors observed in others while under-emphasizing the role and power of situational influences on the same behavior (see also actor-observer bias, group attribution error, positivity effect, and negativity effect).

Halo effect

The tendency for a person’s positive or negative traits to “spill over” from one area of their personality to another in others’ perceptions of them (see also physical attractiveness stereotype).

Ingroup bias

The tendency for people to give preferential treatment to others they perceive to be members of their own groups.

Projection bias

The tendency to unconsciously assume that others (or one’s future selves) share one’s current emotional states, thoughts and values.

Self-serving bias

The tendency to claim more responsibility for successes than failures. It may also manifest itself as a tendency for people to evaluate ambiguous information in a way beneficial to their interests (see also group-serving bias).

Worse-than-average effect

A tendency to believe ourselves to be worse than others at tasks which are difficult.

References:
List from Wikipedia
*“Making great decisions,” McKinsey Quarterly, Avril 2013, by Dan Lovallo and Olivier Sibony

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