Digital Glossary

tries to defend or attack an argument based on an extreme or outrageous version of factual circumstances that is plainly unrealistic.

We rely heavily on the first piece of information introduced when making decisions.

We trust and are more often influenced by the opinions of authority figures.

We rely on automated systems, sometimes trusting too much in the automated correction of actually correct decisions.

Tied to our need for social acceptance, collective beliefs gain more plausibility through public repetition.

We rely on immediate examples that come to mind while making judgments.

A cognitive bias that refers to the tendency of individuals to favor options that have known outcomes, over options that have uncertain outcomes, even when the uncertain option may have a higher expected value. This bias can affect various aspects of decision-making, such as investment choices, career decisions, or even personal relationships.

Individuals tend to prefer known outcomes because they provide a sense of certainty and security, even if the outcome is not necessarily favorable. This bias can lead to missed opportunities and suboptimal decisions, as the uncertain options may hold greater potential benefits.

One way to overcome ambiguity bias is to gather more information about the uncertain options and consider the potential benefits and risks. Additionally, it can be helpful to consider the potential regret of missing out on a favorable outcome due to the preference for known outcomes.

Individuals are less likely to offer help to a victim when there are other people present. The more other people are around, the less likely we are to help a victim.

Disproving evidence sometimes has the unwarranted effect of confirming our beliefs.

Ideas, fads, and beliefs grow as more people adopt them.
A tendency to want to conform, be part of the crowd, to do things because others are doing them or believe them.

We judge an argument’s strength not by how strongly it supports the conclusion but how plausible the conclusion is in our own minds.

We like doing favors; we are more likely to do another favor for someone if we’ve already done a favor for them than if we had received a favor from that person.

We don’t think we have bias, and we see it others more than ourselves.

People tend to prefer taking action instead of doing nothing, even when it's unclear whether it will lead to a better outcome. This can make us feel more in control and powerful, especially after we experience a setback.
For example: when we're standing in a queue we might switch lines because we think that people who are busier or more active get more done.

a cognitive bias that leads people to falsely detect non-random patterns or clusters in randomly distributed data samples. In other words: observes/find patterns/clusters in what are actually random events

Humans have a tendency to think in particular ways that can lead to systematic deviations from making rational judgments.

These tendencies usually arise from:
Information processing shortcuts
The limited processing ability of the brain
Emotional and moral motivations
Distortions in storing and retrieving memories
Social influence

Cognitive biases have been studied for decades by academics in the fields of cognitive science, social psychology, and behavioral economics, but they are especially relevant in today’s information-packed world. They influence the way we think and act, and such irrational mental shortcuts can lead to all kinds of problems in entrepreneurship, investing, or management.

We tend to find and remember information that confirms our perceptions.
Sticking with information that validates our own point of view and dismissing any input that conflicts with our reasoning.

We mistake real memories for imagination.

Once we know something, we assume everyone else knows it, too.

We tent to romanticize the past and view the future negatively, believing that societies/institutions are by and large in decline.

As a witness who secretly fears being vulnerable to a serious mishap, we will blame the victim less if we relate to the victim.

The less you know, the more confident you are. The more you know, the less confident you are.

We believe more people agree with us than is actually the case.

We mistake imagination for real memories.

the tendency for individuals to prefer what is familiar and to seek to avoid the unknown.