Cognitive Bias Mini Activity

tendency to prefer avoiding losses to acquiring equivalent gains. Simply put, it's better not to lose $20, than to find $20

• Halo Effect
• In-group Bias
• FOMO
• Loss Aversion

to value items that they own more highly than they would if they did not belong to them. This means that sellers often try to charge more for an item than it would cost elsewhere

• Hindsight Bias
• Halo Effect
• Endowment Effect
• Herd Mentality

tendency to follow through on an endeavor if we have already invested time, effort, or money into it, whether or not the current costs outweigh the benefits

• Overconfidence
• Herd Mentality
• Sunk Cost Fallacy
• In-group Bias

people influenced by their peers to adopt certain behaviours

• Herd Mentality
• Hindsight Bias
• Endowment Effect
• Halo Effect

fear of missing out, or the feeling when we look at friends' Facebook posts that they are doing more exciting things than we are doing and that we are missing important group interactions

• Halo Effect
• FOMO
• Loss Aversion
• In-group Bias

tendency to notice, focus on, and give greater credence to evidence that fits with our existing beliefs

• In-group Bias
• Anchoring Bias
• Confirmation Bias
• Self-serving Bias

the tendency to be more confident than correct—to overestimate the accuracy of our beliefs and judgments.

• Herd Mentality
• Overconfidence
• FOMO
• Halo Effect

tendency for people to return to a relatively stable level of happiness after experiencing a positive or negative event

• Loss Aversion
• Hedonic Adaptation
• Hindsight Bias
• Herd Mentality

a tendency to fixate on initial information, from which one then fails to adequately adjust for subsequent information

• In-group Bias
• Attentional bias
• Anchoring Bias
• Self-serving Bias

describes a situation in which people pay extra attention to some stimuli or some features - (see my new car everywhere)

• Anchoring Bias
• Negativity Bias
• Attentional bias
• Hindsight Bias