1) ANCHORING a) Giving disproportionate weight to the first information received b) Bias toward choices that justify past choices c) Tendency to overestimate the accuracy of our forecasts 2) STATUS QUO a) Tendency to be over-cautious when making estimates about b) Giving undue weight to recent, dramatic events c) Bias toward alternatives that perpetuate the current status 3) SUNK COST a) Tendency to overestimate the accuracy of our forecasts b) Bias toward choices that justify past choices c) Giving disproportionate weight to the first information received 4) CONFIRMING EVIDENCE a) Giving undue weight to recent, dramatic events b) Bias toward information that supports our point of view while avoiding information that contradicts it c) The way a problem is framed, positively or negatively, profoundly influences the choices made 5) FRAMING a) Tendency to be over-cautious when making estimates about b) Bias toward choices that justify past choices c) The way a problem is framed, positively or negatively, profoundly influences the choices made  6) OVER-CONFIDENCE a) The tendency to overestimate the accuracy of our forecasts b) Bias toward information that supports our point of view while avoiding information that contradicts it c) Giving undue weight to recent, dramatic events 7) PRUDENCE a) Bias toward alternatives that perpetuate the status quo b) Giving disproportionate weight to the first information received c) The tendency to be over-cautious when making estimates about uncertain events 8) RECALLABILITY a) Giving undue weight to recent, dramatic events b) Bias toward alternatives that perpetuate the current status c) The tendency to overestimate the accuracy of our forecasts

Decision Making Traps

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