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The overconfidence effect is a well-established bias in which a person's subjective confidence in their judgments is reliably greater than the objective accuracy of those judgments, especially when confidence is relatively high. [1] [2] Overconfidence is one example of a miscalibration of subjective probabilities.
The framing effect is the tendency to draw different conclusions from the same information, depending on how that information is presented. Forms of the framing effect include: Contrast effect, the enhancement or reduction of a certain stimulus's perception when compared with a recently observed, contrasting object. [57]
Overconfidence effect: Tendency to overly trust one's own capability to make correct decisions. People tended to overrate their abilities and skills as decision makers. [33] See also the Dunning–Kruger effect. Physical attractiveness stereotype: The tendency to assume people who are physically attractive also possess other desirable ...
On the overconfidence effect, Martin Hilbert argues that confidence bias can be explained by a noisy conversion of objective evidence into subjective estimates, where noise is defined as the mixing of memories during the observing and remembering process. [44]
Thinking, Fast and Slow is a 2011 popular science book by psychologist Daniel Kahneman.The book's main thesis is a differentiation between two modes of thought: "System 1" is fast, instinctive and emotional; "System 2" is slower, more deliberative, and more logical.
The name halo effect is based on the concept of the saint's halo, and is a specific type of confirmation bias, wherein positive sentiments in one area cause questionable or unknown characteristics to be seen positively. If the observer likes one aspect of something, they will have a positive predisposition toward everything about it.
Some researchers include a metacognitive component in their definition. In this view, the Dunning–Kruger effect is the thesis that those who are incompetent in a given area tend to be ignorant of their incompetence, i.e., they lack the metacognitive ability to become aware of their incompetence.
The anchoring effect is a psychological phenomenon in which an individual's judgments or decisions are influenced by a reference point or "anchor" which can be ...