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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.
A concept's availability can be affected by how recently and how frequently it has been brought to mind. In one study, subjects were given partial sentences to complete. The words were selected to activate the concept either of hostility or of kindness: a process known as priming. They then had to interpret the behavior of a man described in a ...
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 ...
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.
Adjustment, on the other hand, is the process through which individuals make gradual changes to their initial judgements or conclusions. Anchoring and adjustment has been observed in a wide range of decision-making contexts, including financial decision-making, consumer behavior, and negotiation. Researchers have identified a number of ...
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.
Rationalization encourages irrational or unacceptable behavior, motives, or feelings and often involves ad hoc hypothesizing. This process ranges from fully conscious (e.g. to present an external defense against ridicule from others) to mostly unconscious (e.g. to create a block against internal feelings of guilt or shame).
Note that aspiration-level adaptation is a process model of actual behavior rather than an as-if optimization model, and accordingly requires an analysis of how people actually make decisions. It allows for predicting surprising effects such as the "cheap twin paradox", where two similar cars have substantially different price tags in the same ...