Cognitive Biases and Behavioral Economics

Front

Searching for information that supports our preconceptions and to ignore or distort contradictory evidence

Back

Confirmation Bias

Front

Putting more value on things you already own

Back

Endowment Effect

Front

Feeling anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website

Back

FOMO (Fear of Missing Out)

Front

Returning to a baseline level of happiness regardless of whether you go through a positive or negative experience or event

Back

Hedonic Adaptation

Front

Conforming to the behaviors and beliefs of the people around you

Back

Herd Mentality

Front

Regarding losses as considerably more important than gains of comparable magnitude

Back

Loss Aversion

Front

People tend to be more confident in their own abilities.

Back

Overconfidence

Front

Making decisions about a current situation based on what resources you have already invested in the situation

Back

Sunk Cost Fallacy