Cognitive Biases in Decision Making

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Confirmation Bias

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Tendency to search for information that supports preconceptions

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DOK Level 3: Strategic Thinking

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Endowment Effect

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Valuing owned items more than their market value

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DOK Level 3: Strategic Thinking

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Fear of Missing Out (FOMO)

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Anxiety that an event may be happening elsewhere

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DOK Level 3: Strategic Thinking

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Hedonic Adaptation

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Returning to a baseline level of happiness

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DOK Level 3: Strategic Thinking

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Javier's Investment Decision

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Influenced by social media group on trending stocks

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DOK Level 3: Strategic Thinking

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Suli's Car Purchase

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Willing to pay over budget due to ownership imagination

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DOK Level 3: Strategic Thinking

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Social Influence on Decisions

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Impact of group opinions on personal choices

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DOK Level 3: Strategic Thinking

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Emotional Attachment in Decision Making

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Overvaluing due to personal connection

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DOK Level 3: Strategic Thinking

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Cognitive Bias in Investing

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Seeking confirming evidence for stock performance

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DOK Level 3: Strategic Thinking

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Planning for Emotional Purchases

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Strategic thinking to avoid overspending

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DOK Level 3: Strategic Thinking