A subconscious error in thinking that leads to irrational decision making

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

The tendency to put more value on things you already own

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

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

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

The tendency to regard losses as considerably more important than gains of comparable magnitude

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

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

Costs that have already been incurred and cannot be recovered

The tendency to make decisions about a current situation based on what resources you have already invested in the situation

You see an advertisement promoting a sale “for a limited time only!” with a countdown clock. Which bias is being used?

Guy bought tickets to a concert but there is a bad snow storm. He decides to go anyway because he paid for it. This is

Ally signs up for a Netflix trial. Because she “owns” a full account, she places high value on it and signs up. This is

Peter can choose from two retirement accounts. Fearing a loss, he opts for the more conservative one. This is a type of

Paula sees her friends' pictures of a concert that she couldn't attend because of work. She feels like an outsider. What cognitive bias is Paula experiencing

Confirmation bias is …

People who win the lottery tend to return to their original levels of happiness after the novelty of winning wears off. What cognitive bias is this an example of?

You are new to a city and find two restaurants near each other that offer a similar menu. You pick the more crowded one. What cognitive bias is this an example of?

Marie's car has needed over $2000 in repairs. She resists selling it because she has spent so much money. This is...