Anchoring Bias - The Decision Lab
Anchoring bias occurs when we rely heavily on the first piece of information we receive - called "the anchor" even when subsequent info becomes available.| The Decision Lab
Anchoring bias occurs when we rely heavily on the first piece of information we receive - called "the anchor" even when subsequent info becomes available.| The Decision Lab
Also known as Hebb’s Rule or Cell Assembly Theory, Hebbian Learning attempts to connect the psychological and neurological underpinnings of learning.| The Decision Lab
Dunning–Kruger Effect explains why the least competent at a task often incorrectly rate themselves as high-performers because they do not know otherwise.| The Decision Lab
Fixed mindset is a way of thinking about your own intelligence and abilities, viewing it as innate and unchangeable.| The Decision Lab
Choice overload, or "overchoice", is a phenomena stating our tendency to have difficulty making a choice if presented with numerous options.| The Decision Lab
The paradox of choice suggests that an abundance of options actually requires more effort to choose and can leave us feeling unsatisfied with our choice.| The Decision Lab
It was psychologist Philip Tetlock who demonstrated that, generally, the accuracy of our predictions is no better than chance.| The Decision Lab
The IKEA effect is a cognitive bias that helps explains why people place higher value on things they helped to build or create.| The Decision Lab
The COM-B model for behavior change cites capability (C), opportunity (O), and motivation (M) as three key factors capable of changing behavior (B)| The Decision Lab
System 1 thinking is a near-instantaneous thinking process while System 2 thinking is slower and requires more effort.| The Decision Lab
The Mere Exposure Effect or familiarity principle, explains our tendency to develop a preference for something merely due to being familiar with it.| The Decision Lab
The Sunk Cost Fallacy describes our tendency to follow through on an endeavor if we have already invested time, effort, or money into it, whether or not the current costs outweigh the benefits.| The Decision Lab
Loss aversion is a cognitive bias that suggests that for individuals the pain of losing is psychologically twice as powerful as the pleasure of gaining.| The Decision Lab
