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Hyperbolic discounting leads to choices that are inconsistent over time—people make choices today that their future selves would prefer not to have made, despite using the same reasoning. [51] Also known as current moment bias or present bias, and related to Dynamic inconsistency. A good example of this is a study showed that when making food ...
A continually evolving list of cognitive biases has been identified over the last six decades of research on human judgment and decision-making in cognitive science, social psychology, and behavioral economics. The study of cognitive biases has practical implications for areas including clinical judgment, entrepreneurship, finance, and management.
One simplifying strategy people may rely on is the tendency to make a judgment about the frequency of an event based on how many similar instances are brought to mind. In 1973, Amos Tversky and Daniel Kahneman first studied this phenomenon and labeled it the "availability heuristic".
Wishful-thinking effects, in which people overestimate the likelihood of an event because of its desirability, are relatively rare. [10] This may be in part because people engage in more defensive pessimism in advance of important outcomes, [11] in an attempt to reduce the disappointment that follows overly optimistic predictions. [12]
The word is often used to refer to preconceived, usually unfavorable, judgments toward people or a person because of gender, political opinion, social class, age, disability, religion, sexuality, race/ethnicity, language, nationality, or other personal characteristics.
The internet can be a nice—or a bad—place. Sometimes, even both at the same time. It all depends on where you look.Take parenting, for example. Dive into articles, forums, and social media ...
Fallacy of quoting out of context (contextotomy, contextomy; quotation mining) – selective excerpting of words from their original context to distort the intended meaning. [31] False authority (single authority) – using an expert of dubious credentials or using only one opinion to promote a product or idea. Related to the appeal to authority.
In other words, people became less attached to the actual outcome and were more open to consider alternative lines of reasoning prior to the event. Judges involved in fraudulent transfer litigation cases were subject to the hindsight bias as well and resulted in an unfair advantage for the plaintiff, [ 55 ] showing that jurors are not the only ...