Implicit Bias
When you seek information that confirms existing beliefs
What is Confirmation Bias?
When we rely too much on the first piece of information we receive.
What is an Anchoring Bias?
When we continue investing in a path because we believe we have invested in it so much already
What is the Sunk Cost Fallacy?
What is the Availability Heuristic?
Incompetent people overestimate their abilities but experts underestimate
What is the Dunning- Kruger Effect?
We believe we are less likely to experience negative outcomes
What is the Optimism Bias?
We adopt believes or behaviors just because others are doing it
What is the Bandwagon Effect?
Our impression of one trait impacts how we see unrelated ones
What is the Halo Effect?
Recent events have stronger influences on decisions
What is the Recency Bias?
We take credit for successes but blame external factors for failure
What is the Self-Serving Bias?
The way information is presented influences our decisions
What is the Framing Effect?
We over-value things just because we own them
What is the Endowment Effect?
Give an examples of a Negativity Bias
An employee gets 10 positive comments and 1 negative comment but only remembers or pays attention to the negative comment
Give an example of a Self-Serving Bias
A manager takes credit for a team's success but blames them when the team fails
A company pours money into a failing or unsuccessful product because they've already spent so much