Social proof is both a psychological and social phenomenon where we tend to copy those around us to try and conform to a behavior believed to fit the situation.| The Decision Lab
According to the Peltzman Effect, when safety measures are implemented, people’s risk perception decreases, and so people may make riskier decisions.| The Decision Lab
The hedonic treadmill suggests that we are relatively stable creatures and that our happiness levels don’t fluctuate over the long term.| The Decision Lab
When we have to make decision after decison, our capacity to make optimal ones diminishes - this is called decision fatigue.| The Decision Lab
Scarcity is the discrepancy between supply and demand where there is a limited quantity of resources available but a limitless desire for those resources.| 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
A behavioral science consulting firm, we apply decision science & AI to solve pressing problems in the public and private sectors.| 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
The Eisenhower Matrix is a time-management strategy that helps you determine which tasks should be prioritized, delegated, tackled later - or not dealt at all.| 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