Pseudocertainty Effect
A cognitive bias where people perceive an outcome as certain while it is actually uncertain, based on how information is presented.
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“decision-making strategy”
Hindsight Bias
A cognitive bias where people perceive past events as having been more predictable than they actually were.
Overchoice
The phenomenon where having too many options leads to decision-making paralysis and decreased satisfaction.
Clustering Illusion
A cognitive bias where people see patterns in random data.
Recency Effect
A cognitive bias where individuals better remember the most recent information they have encountered, influencing decision-making and memory recall.
Relativity
A principle often used in behavioral economics that suggests people evaluate options based on relative comparisons rather than absolute values.
Decoy Effect
A cognitive bias where consumers change their preference between two options when presented with a third, less attractive option.
Pseudo Set Framing
The cognitive bias where people treat a set of items as more significant when they are perceived as a cohesive group.
Zero-Risk Bias
A cognitive bias where people prefer the option that seems to eliminate risk entirely, even if another option offers a greater overall benefit.