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PF Cognitive Biases

QuestionAnswer
An error in the way we think that can influence our decisions Cognitive Bias
Combines economics and psychology to study why people behave the way they do Behavorial economics
The tendency to be more confident in your own abilities compared to others Overconfidence bias Excessive trading credit card spending taking excessive risks
The tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media wesbite FOMO (Fear of missing out) Buying products you don't really need Overspending Comparing yourself to others
The tendency to put more value on things you already own Endowment effect Refusing to sell something for more than its worth Being "attached" to your own stuff
The tendency to make decisions about a current situation based on what resources you have already invested in the situation Sunk Cost Fallacy Finish a movie even though you hate it Finish a meal even if it doesn't taste good Amazon, Sam's club, etc. (Memberships) "Get your money's worth"
The amount of mental pleasure or pain we get from feeling like we paid less or more than something is really worth Transaction utility Bargain chasers Spend extra time and money to get a good deal hate to miss out on a sale
Regarding losses as considerably more important than gains of comparable magnitude Loss Aversion Won't take risks for investing Focus on negative instead of positive
The tendency to conform to the behaviors and beliefs of the people around you; (Also known as the bandwagon effect) Herd mentality Causes overspending, irrational decisions, and not thinking on your own
Returning to a baseline level of happiness whether you go through a positive or negative experience or event Hedonic adaptation Becoming extremely wealthy, buying new stuff, and achieving a higher status will NOT make you incredibly happy A set level of happiness that you always return to
The tendency to search for information that supports your preconceptions Confirmation bias
The tendency to separate money into imaginary categories in your mind Mental accounting Money can only be spent on certain categories Thinking money is different because it comes from an unexpected source
Created by: user-1778807
 

 



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