Cognitive Biases and Effects

Front

When someone thinks they are better or know more than they actually do. For example, thinking you’re the best at a game and don’t need to practice.

Back

Overconfidence

Front

When you believe something is worth more just because you own it. For instance, if you have an old toy and think it’s very valuable even if others don’t agree.

Back

Endowment Effect

Front

Getting used to something good so that it doesn’t make you as happy anymore. For example, you might be excited about a new phone at first, but after a while, it feels normal.

Back

Hedonic Adaptation

Front

Continuing to do something or keep something just because you’ve already spent time, effort, or money on it. For example, staying at a boring movie because you already paid for the ticket.

Back

Sunk Cost Fallacy

Front

Only paying attention to information that supports what you already believe and ignoring anything different. For example, only listening to good news about your favorite sports team and ignoring the bad news.

Back

Confirmation Bias

Front

Copying what other people are doing, just because everyone else is doing it. For example, wearing a certain style of clothes because all your friends are wearing them.

Back

Herd Mentality

Front

Being more afraid of losing something than being happy about gaining something of the same value. For example, feeling more upset about losing $10 than happy about winning $10.

Back

Loss Aversion

Front

Feeling worried or anxious that you might miss out on something fun or exciting that others are doing. For example, going to a party even when you’re tired because you don’t want to be left out.

Back

FOMO (Fear of Missing Out)