Every day, you fall into cognitive traps such as availability bias
(the tendency to substitute available data for representative data); familiarity bias (the tendency to overvalue things we already know); and confirmation bias (the tendency to think new information proves our existing beliefs).
The following section applies seven metathoughts to help explain why the self-esteem obsession persists: availability bias
, assimilation bias, the Barnum effect, the fundamental attribution error, emotional reasoning, confirmation bias, and the belief perseverance effect.
These include availability bias
, confirmation bias, overconfidence bias, and anchoring bias (Rebecca Fay and Norma R.
is when we weigh the information that is available to us as more accurate or complete than it actually is.
is the tendency of a recent or especially vivid
(6) These include anchoring bias, in which one is locked into an aspect of the case; framing bias, in which there is misdirection because of the way the problem was posed; availability bias
, in which things are judged by what comes readily to mind, such as a recent experience; and confirmation bias, in which one looks for confirmatory evidence of one's preferred diagnosis while ignoring evidence to the contrary.
These can include "availability bias
," the tendency to base judgment on information that is most readily available, rather than doing more research.
* We place more faith in something we heard about recently than events that happened years ago and are less easy to remember; that's called "availability bias
Below, I discuss the following biases: availability bias
, representativeness bias, status quo bias, loss aversion, and overconfidence.
They posit that the results are consistent with investors exhibiting "availability bias
," or that investors assign greater weight to "top-of-mind" information.
* Availability Bias
. Details that are more easily recalled (because they are occurred recently or were attached to a particularly vivid experience) are overweighed when assessing risk.
In the behavioral research community, we call these the availability bias
, confirmation bias and overconfidence bias.