Cognitive Biases Quiz

The tendency people have to be more confident in their own abilities

• Overconfidence Bias

• Confirmation Bias

• Herd Mentality

• Cognitive Bias

The tendency to conform to the behaviors and beliefs of the people around you

• Confirmation Bias

• Endowment Effect

• Loss Aversion

• Herd Mentality

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

• Herd Mentality

• Sunk Cost Fallacy

• Endowment Effect

• Hedonic Adaptation

A subconscious error in thinking that leads to irrational decision making

• Cognitive Bias

• Confirmation Bias

• Loss Aversion

• Overconfidence Bias

A strategy used to combat loss aversion by imagining that overnight something you own has been replaced with cash, then determining whether you would prefer to keep the cash or buy the item back

• Herd Mentality

• Endowment Effect

• Overnight Test

• Liddle Test

The tendency to put more value on things you already own

• Confirmation Bias

• Sunk Cost Fallacy

• Loss Aversion

• Endowment Effect

When a person believes they are better at something than they actually are

• Overestimation

• Overjustification

• Overprecision

• Overplacement

Tags

CCSS.RL.5.6

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

• Sunk cost fallacy

• Confirmation bias

• Hedonic adaptation

• FOMO (Fear of Missing Out)

Costs that have already been incurred and cannot be recovered

• Variable Costs

• Sunk Costs

• Opportunity Costs

• Fixed Costs

The tendency to search for information that supports our preconceptions and to ignore or distort contradictory evidence

• Overconfidence Bias

• Endowment Effect

• Cognitive Bias

• Confirmation Bias

Tags

CCSS.RL.5.6