McNamara Fallacy
The error of making decisions based solely on quantitative observations and ignoring all other factors.
169 topics found for
“bias”
Groupthink
A psychological phenomenon where the desire for harmony and conformity in a group results in irrational or dysfunctional decision-making.
Take the Best Heuristic
A decision-making rule where individuals choose the option with the highest perceived value based on the first good reason that comes to mind, ignoring other information.
Probability Matching
A decision-making strategy where individuals allocate resources proportionally to the probability of an outcome occurring, rather than optimizing the most likely outcome.
Preference Reversal
A phenomenon where individuals' preferences between options change when the options are presented in different ways or contexts.
Bandwagon Effect
A psychological phenomenon where people do something primarily because others are doing it.
Intertemporal Choice
The study of how people make choices about what and how much to do at various points in time, often involving trade-offs between costs and benefits occurring at different times.
Availability Cascade
A self-reinforcing process in which a collective belief gains more plausibility through its increasing repetition in public discourse.
Self Reference Effect
Also known as Self Relevance Effect, the tendency for individuals to better remember information that is personally relevant or related to themselves.