Illusion of Validity
A cognitive bias where individuals overestimate the accuracy of their judgments, especially when they have a lot of information.
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“decision clarity”
Irrational Escalation
The phenomenon where people continue a failing course of action due to the amount of resources already invested.
Escalation of Commitment
A cognitive bias where individuals or organizations continue to invest in a failing project or decision due to the amount of resources already committed.
Naive Allocation
A heuristic where individuals evenly distribute resources across all options, regardless of their specific needs or potential.
Egocentric Bias
A cognitive bias where people rely too heavily on their own perspective and experiences when making decisions.
Dual Self Model
A behavioral economics model that explains decision-making as a conflict between a present-oriented "doer" and a future-oriented "planner".
Information Bias
A cognitive bias where people seek out more information than is needed to make a decision, often leading to analysis paralysis.
Anchoring
Anchoring (also known as Focalism) is a cognitive bias where individuals rely heavily on the first piece of information (the "anchor") when making decisions.
Similar To Me Bias
A cognitive bias where individuals favor others who are perceived to be similar to themselves, affecting judgments and decision-making.