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Overconfidence effect, a tendency to have excessive confidence in one's own answers to questions. For example, for certain types of questions, answers that people rate as "99% certain" turn out to be wrong 40% of the time. [5] [44] [45] [46] Planning fallacy, the tendency for people to underestimate the time it will take them to complete a ...
In decision making and psychology, decision fatigue refers to the deteriorating quality of decisions made by an individual after a long session of decision making. [1] [2] It is now understood as one of the causes of irrational trade-offs in decision making. [2] Decision fatigue may also lead to consumers making poor choices with their purchases.
Biases that affect decision-making, where the desirability of options has to be considered (e.g., sunk costs fallacy). Biases, such as illusory correlation, that affect judgment of how likely something is or whether one thing is the cause of another.
The extent of the delay between encoding is a potential factor that could affect choice-supportive bias. If there is a larger delay between encoding (i.e. viewing the information about the options) and retrieval (i.e. memory tests) it is likely to result in more biased choices rather than the impact of the actual choice on choice-supportive ...
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.
Unconscious cognitive bias (including confirmation bias) in job recruitment affects hiring decisions and can potentially prohibit a diverse and inclusive workplace. There are a variety of unconscious biases that affects recruitment decisions but confirmation bias is one of the major ones, especially during the interview stage. [134]
This principle, applied to decision making, suggests that making a decision in a problem should not be affected by how the problem is described. For example, varied descriptions of the same decision problem should not give rise to different decisions, due to the extensionality principle.
Those presented with bad outcomes rated the decision worse than those who had good outcomes. "The ends justify the means" is an often-used aphorism to express the outcome effect when the outcome is desirable. This mistake occurs when currently available information is incorporated when evaluating a past decision.