cognitive biases

the inherent thinking errors that humans make in processing information

bandwagon effect - the tendency to do things because many other people do the same

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

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

impact bias - the tendency for people to overestimate the length or the intensity of the impact of future feeling states

information bias - the tendency to seek information even when it cannot affect action

irrational escalation - the tendency to make irrational decisions based upon rational decisions in the past or to justify actions already taken

loss aversion - the disutility of giving up an object is greater than the utility associated with acquiring it

omission bias - the tendency to judge harmful actions as worse, or less moral, than equally harmful omissions

outcome bias - the tendency to judge a decision by its eventual outcome instead of based on the quality of the decision at the time it was made

selective perception - the tendency for expectations to affect perception

survivorship bias - a form of selection bias focusing on what has survived to the present and ignoring what must have been lost

gambler's fallacy - the tendency to assume that independent random events are influenced by previous random events

hindsight bias - the inclination to see past events as being predictable, based on knowledge of later events

recency effect - the tendency to weigh recent events more than earlier events

overconfidence effect - the tendency to overestimate one's own abilities

false consensus effect - the tendency for people to overestimate the degree to which others agree with them

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

herd instinct - a common tendency to adopt the opinions and follow the behaviors of the majority to feel safer and to avoid conflict

projection bias - the tendency to unconsciously assume that others share the same or similar thoughts, beliefs, values, or positions

self-fulfilling prophecy - the tendency to engage in behaviors that elicit results which will confirm our beliefs

consistency bias - incorrectly remembering one's past attitudes and behavior as resembling present attitudes and behavior

egocentric bias - recalling the past in a self-serving manner