Category Size Bias
A cognitive bias where people judge the likelihood of an event based on the size of its category rather than its actual probability.
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“decision-making strategy”
Availability Bias
A cognitive bias where people overestimate the importance of information that is readily available.
Myopic Loss Aversion
A cognitive bias where individuals tend to avoid risks when they perceive potential losses more acutely than potential gains.
Egocentric Bias
A cognitive bias where people rely too heavily on their own perspective and experiences when making decisions.
Behavioral Finance
The study of how psychological influences affect financial behaviors and decision-making.
Gambler’s Fallacy
A cognitive bias where individuals believe that past random events affect the probabilities of future random events.
Placing Bets
A strategic approach where multiple potential solutions are tested to identify the most promising one.
Subadditivity Effect
A cognitive bias where the total probability assigned to a set of events is less than the sum of the probabilities assigned to each event individually.
Survivorship Bias
A cognitive bias that occurs when conclusions are drawn from a non-representative sample, focusing only on successful cases and ignoring failures.