Hot Hand Fallacy
The mistaken belief that a person who has experienced success in a random event has a higher probability of further success in additional attempts.
164 topics found for
“design biases”
Illusion of Validity
A cognitive bias where individuals overestimate the accuracy of their judgments, especially when they have a lot of information.
Illusion of Control
The tendency for people to overestimate their ability to control events.
Focusing Effect
A cognitive bias where people place too much importance on one aspect of an event, causing errors in judgment.
Hyperbolic Discounting
A cognitive bias where people disproportionately prefer smaller, immediate rewards over larger, later rewards.
Licensing Effect
A cognitive bias where people allow themselves to indulge after doing something positive, believing they have earned it.
Illusory Correlation
The perception of a relationship between two variables when no such relationship exists.
Myopic Loss Aversion
A cognitive bias where individuals tend to avoid risks when they perceive potential losses more acutely than potential gains.
Denomination Effect
A cognitive bias where people are less likely to spend large denominations of money compared to an equivalent amount in smaller denominations.