Glossary
Status Quo Bias - preferring not to change things and keep the current status.
Risk Compensation - taking bigger risks when you perceive a certain situation as less risky and being more careful when you perceive a certain situation as risky.
Reactive Devaluation - devaluing an opponent's opinion or idea and preferring opinions or ideas coming from you or from a party you like.
Choice-supportive (Post-Purchase) Rationalization - retroactively ascribing positive attributes to an item purchased or selected.
Ostrich Effect - avoiding negative information because it is unpleasant.
Illusion of Validity - overestimating one's ability to interpret the data accurately and make a prediction especially when there's a coherent pattern in the data set.
Hyperbolic Discounting - to prefer a less significant payoff / gain sooner rather than wait for a larger payoff / gain in the future.
Endowment Effect - ascribing exagerated value to the things we own. The term Loss Aversion (a human tendency to prefer avoiding losses rather than obtaining equivalent gains) usually explains Endowment Effect.
Courtesy bias - giving a more socially acceptable opinion in fear of judgment or to appear nice.
Clustering illusion - erroneously overestimating the importance of certain clusters of information in a large data set where other information clusters might play an important role in making a solid argument.
Bias blind spot - viewing oneself as less biased than other people.
Belief bias occurs when someone bases the validity of an argument on a conclusion without assessing what was stated before the conclusion.
Anchoring effect - relying too much on initial information when it comes to making a decision.
Availability heuristic - relying too much on available data disregarding other pieces of information when it comes to making a decision.
Representativeness heuristic - is a mental shortcut used to make a judgement about the probability based on how likely an object belongs to a certain class. E.g.: Pete is about to meet two new people, and he's heard that one of them is a...
Confirmation Bias - focusing only on information and evidence that confirms one's beliefs. It is one of the most common cognitive biases