10 concepts for better thinking:
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Thread 👇
Decoy Effect
Describes how, when we are choosing between two alternatives, the addition of a third, less attractive option (decoy) can influence our perception of the original two choices
Describes how, when we are choosing between two alternatives, the addition of a third, less attractive option (decoy) can influence our perception of the original two choices
Distinction Bias
Describes how, in decision-making, we tend to overvalue the differences between two options when we examine them together
Conversely, we consider these differences to be less important when we evaluate the options separately
Describes how, in decision-making, we tend to overvalue the differences between two options when we examine them together
Conversely, we consider these differences to be less important when we evaluate the options separately
Duration Neglect
The psychological principle that the length of an experience has little effect on the memory of that event
The overall rating is determined by the peak intensity of the experience and the end of the experience (Peak-end rule)
The psychological principle that the length of an experience has little effect on the memory of that event
The overall rating is determined by the peak intensity of the experience and the end of the experience (Peak-end rule)
Endowment effect
When you place a higher value on an object that you already own compared to the same object if you didn't own it
Start from zero, what would the product be worth to you if you didn't own it? Don't form emotional attachments without good reason
When you place a higher value on an object that you already own compared to the same object if you didn't own it
Start from zero, what would the product be worth to you if you didn't own it? Don't form emotional attachments without good reason
Exaggerated expectation
The tendency to expect or predict more extreme outcomes than those outcomes that actually happen
Example: worrying about an upcoming public speech and picturing the worst-case scenario. In reality, nothing happens and it's fine.
The tendency to expect or predict more extreme outcomes than those outcomes that actually happen
Example: worrying about an upcoming public speech and picturing the worst-case scenario. In reality, nothing happens and it's fine.
Focalism
The tendency to place too much focus or emphasis on a single factor or piece of information when making judgments or predictions
“Nothing in life is quite as important as you think it is while you are thinking about it.”
The tendency to place too much focus or emphasis on a single factor or piece of information when making judgments or predictions
“Nothing in life is quite as important as you think it is while you are thinking about it.”
Illusion of Validity
The tendency to be overconfident in the accuracy of our judgements, specifically in our interpretations and predictions regarding a given data set
To cope with the world, we construct narratives that provide a coherent explanation for random occurrences
The tendency to be overconfident in the accuracy of our judgements, specifically in our interpretations and predictions regarding a given data set
To cope with the world, we construct narratives that provide a coherent explanation for random occurrences
Illusory correlation
When we see an association between two variables (events, actions, ideas, etc.) when they aren’t actually associated
We tend to overestimate the importance of events we can easily recall and then make associations between them
When we see an association between two variables (events, actions, ideas, etc.) when they aren’t actually associated
We tend to overestimate the importance of events we can easily recall and then make associations between them
Information Bias
A type of bias or error that can occur when researchers are unable to collect accurate data
A flaw in measuring exposure, covariate, or outcome variables that results in different quality (accuracy) of information between comparison groups
A type of bias or error that can occur when researchers are unable to collect accurate data
A flaw in measuring exposure, covariate, or outcome variables that results in different quality (accuracy) of information between comparison groups
Impact bias
The tendency for people to overestimate the length or the intensity of future emotional states
You think it will take longer to recover emotionally from disaster than it actually will
The tendency for people to overestimate the length or the intensity of future emotional states
You think it will take longer to recover emotionally from disaster than it actually will
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