Jean Surette รีทวีตแล้ว
12 Biases that distort your Decision-Making:
1. Confirmation Bias - We interpret new information as confirmation of our existing beliefs.
2. Availability Bias - We tend to rely on information that comes to our mind easily/the quickest.
3. Action Bias - We favor action over inaction. That's why we sell or buy prematurely.
4. Zero-Risk Bias - If a risk is considered small, we assume there is no risk at all.
5. Overconfidence - We overestimate our own knowledge and ability.
Often because we know too little to know better. (Less knowledge => more confidence)
6. Survivorship Bias - This is a sample bias that occurs when we assess only successful outcomes and disregard failures.
7. Gambler’s Fallacy - We tend to think that past events affect future possibilities.
8. Dunning-Kruger Effect - The less you know, the more confident you are.
The more you know, the less confident you are.
9. Cause-Effect Fallacy - We always look for cause-effect relationships.
Thus, we find patterns even in totally random data.
10. Hyperbolic Discounting - We are wired to prefer instant gratification (e.g. payouts).
Even when offered significantly more in the future.
11. False Consensus Effect - Too often, we overestimate the degree to which others agree with us.
12. Psychological Denial - When something terrible happens, we tend to fall into a state of denial.
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