The anchoring effect refers to the phenomenon where individuals are influenced by the first piece of information they encounter when making decisions. This first piece of information acts as an anchor, and subsequent estimates and judgments are made relative to that anchor. The anchor serves as a reference point and can bias an individual’s perception
The spotlight effect refers to the phenomenon where people tend to overestimate the extent to which others are paying attention to their behaviour and appearance. People who experience the spotlight effect often believe that others are observing and judging them more closely than they actually are. This leads to feelings of self-consciousness and anxiety and
Cognitive dissonance is a psychological term that refers to the mental discomfort experienced by an individual who holds two or more conflicting beliefs, values, or behaviours. This discomfort occurs because the individual is unable to reconcile their conflicting beliefs or behaviours, and as a result, they experience a sense of psychological tension or stress. The
The curse of knowledge is a cognitive bias that occurs when individuals possess a certain level of expertise or knowledge on a subject, and as a result, they find it difficult to understand or relate to the perspective of someone who is less informed. This bias can lead to communication difficulties, as experts may assume
The Barnum effect, also known as the Forer effect, is a cognitive bias where individuals accept vague and general statements as being accurate descriptions of themselves, even when the statements could apply to a wide range of people. This bias is often seen in situations where individuals are given personality or character readings, such as
The exponential growth bias is a cognitive bias that occurs when individuals fail to accurately perceive the potential of exponential growth. This bias can lead to individuals underestimating the potential of an investment or project and can result in missed opportunities. An example of the exponential growth bias is when an individual is presented with
The clustering illusion is a cognitive bias that occurs when individuals perceive patterns or clusters in random data, even when none exist. This bias can lead to the belief that certain events or outcomes are more likely than they actually are, and can result in individuals making decisions based on this false perception of patterns.
The framing effect is a cognitive bias that occurs when the way in which information is presented (framed) influences an individual’s perception of it and the subsequent decision they make. For example, the same information can be framed in a positive or negative way, and this can lead to different decisions being made based on
The sunk cost fallacy is a cognitive bias that occurs when individuals continue to invest in a decision or action because they have already invested resources (time, money, effort, etc.) into it, even if continuing to do so is no longer rational or in their best interest. This bias can lead to irrational decision-making and
An availability cascade is a phenomenon that occurs when a certain idea or belief becomes widely accepted and repeated, despite a lack of evidence to support it. This phenomenon can be seen as an extension of the availability bias, which refers to the tendency for individuals to make judgments and decisions based on information that
