Tricks of the Mind
The bias that involves estimating the likelihood of an event by comparing it to an existing prototype or category in our minds
What is Representative Heuristic?
This bias can mislead financial analysts, causing them to over-rely on their own judgment, even when objective measures suggest otherwise
What is Illusion of Validity?
The bias where people tend to overestimate their ability to control events.
What is Illusion of Control?
In this bias, people feel they can affect outcomes, even in random events like slot machines or lotteries.
What is Illusion of Control?
The bias where people overestimate the accuracy of their own judgments based on specific patterns that seem valid but are often unreliable or irrelevant.
What is Illusion of Validity?
When a student attributes a high test score to intelligence but a low score to an "unfair" test, they're demonstrating this bias.
What is Self-serving Bias?
The bias in which people attribute their successes to their own personal efforts and abilities, but they blame external factors for failures
What is Self-serving Bias?
When people assume a coin will land on heads because it has landed on tails the last three times, they use this bias.
What is Representative Heuristic?