Anchoring effect
The assimilation of a second estimate to an anchor (a value considered during the prior estimate) (Morewedge and Kahneman, 2010).
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Confirmation bias
Testing a hypothesis by considering more evidence that confirms rather than disconfirms it. Usually occurs automatically, without explicit intent to do so (Morewedge and Kahneman, 2010).
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Egocentric bias
Overestimating the degree to which one’s perception of the world is accurate and the degree to which others perceive the world as one does (Morewedge and Kahneman, 2010).
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Framing effect
Different formulations of the same decision problem elicit different preferences (Morewedge and Kahneman, 2010).
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Hindsight bias
‘Naive’ probability estimates of the probability of an outcome increase when it is known to have occurred (Morewedge and Kahneman, 2010).
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