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The 12 Cognitive Biases

Bandwagon Effect

The human understanding when it has once adopted an opinion (either as being the received opinion or as being agreeable to itself) draws all things else to support and agree with it.

Confirmation bias

People’s tendency to search for, interpret, or recall information in a way that confirms one’s beliefs or hypotheses.

Fear of missing out

FOMO is a common concern that others might be having rewarding experiences from which one is absent” This social anxiety is characterized by “a desire to stay continually connected.

Herd mentality

People’s tendency to follow and copy what most of them are doing. They are largely influenced by emotion and instinct, rather than by their own independent analysis.

Anchoring

People’s tendency to rely too heavily, or “anchor,” on one trait or piece of information when making decisions (usually the first piece of information that we acquire on that subject).

Framing

People draw different conclusions from the same information depending on how that information is presented.

Zeigarnik effect

People remember uncompleted or interrupted tasks better than completed tasks.

Authority Bias

People’s tendency to attribute greater accuracy to the opinion of an authority figure (unrelated to its content) and be more influenced by that opinion.

Loss aversion

The disutility of giving up an object is greater than the utility associated with acquiring it.

Reciprocity Bias

In reciprocation tendency, people tend to want to return the favor when someone helps them or give them a small favor.

Hyperbolic discounting bias

Is the tendency for people to have a stronger preference for more immediate payoffs relative to later payoffs.

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