Omission Bias
A cognitive bias where people judge harmful actions as worse, or less moral, than equally harmful omissions (inactions).
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“decision-making strategies”
Certainty Effect
A cognitive bias where people give greater weight to outcomes that are certain compared to those that are merely probable.
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.
Priming
A psychological effect where exposure to one stimulus influences the response to a subsequent stimulus, without conscious guidance or intention.
Proportionality Bias
The tendency to believe that large or significant events must have large or significant causes.
Dual Process Theory
A framework suggesting there are two systems of thinking: System 1 (fast, automatic) and System 2 (slow, deliberate), influencing decision-making and behavior.
Paradox of Choice
The phenomenon where having too many options leads to anxiety and difficulty making a decision, reducing overall satisfaction.
Overconfidence Effect
A cognitive bias where a person's subjective confidence in their judgments is greater than their objective accuracy.
Prescriptive Analytics
The use of data, algorithms, and machine learning to recommend actions that can achieve desired outcomes.