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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 choices for the coming week, 74% of participants chose fruit, whereas when the food choice was for the current day, 70% chose chocolate.
The sense-making process is triggered by an initial surprise. If the sense-making process is not complete and the sensory information is not detected or coded [by the individual], the sensation is experienced as a surprise and the hindsight bias has a gradual reduction.
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.
Historical fallacy – believing that certain results occurred only because a specific process was performed, though said process may actually be unrelated to the results. [35] Baconian fallacy – supposing that historians can obtain the "whole truth" via induction from individual pieces of historical evidence. The "whole truth" is defined as ...
the information search strategies used to perform a task (open or restricted) the extent of the information considered in constructing a response. [3] Several factors related to the judgment target, context, and judger influence which processing strategy is selected. [4]
If we categorize words by the first letter and recall them through the same process, this would show more support for the representative heuristic than the availability heuristic. Based on the possibility of explanations such as these, some researchers have claimed that the classic studies on the availability heuristic are too vague in that ...
There are more sophisticated judgment strategies that result in fewer errors. People often reason based on availability but sometimes they look for other, more accurate, information to make judgments. [32] This suggests there are two ways of thinking, known as the Dual-Process Model. [33]
Intuitive decision-making can be described as the process by which information acquired through associated learning and stored in long-term memory is accessed unconsciously to form the basis of a judgment or decision. [3] This information can be transferred through effects induced by exposure to available options, or through unconscious cognition.