Perspective and the Framing Effect: List of Biases in Judgment and Decision-Making, Part 5

Since I was going to talk about the framing effect last week (and opted for the planning fallacy instead because of circumstances), I thought I’d get into the framing effect this week. The framing effect is a very easy bias to understand, in that it’s not as complicated in its description as some of the other […]

The Endowment Effect – Yours Isn’t Always Better: List of Biases in Judgment and Decision-Making, Part 3

Two weeks ago, I wrote about the pitfalls of the sunk cost fallacy. Last week I alerted you to the bias of loss aversion. Since I mentioned the endowment effect last week, I thought it’d be good to cover it sooner rather than later, so this week, we’ll look at the endowment effect. The endowment effect can […]

Loss Aversion and the Big Picture: List of Biases in Judgment and Decision-Making, Part 2

I think I’m going to make a habit of posting something new to my series on biases in judgment and decision-making every Monday. Last Monday, we looked at sunk costs. Today, we’re going to look at loss aversion. As much as I can, I’m trying to write about the different biases by themselves. Sunk costs are […]

Ignore Sunk Costs: List of Biases in Judgment and Decision-Making, Part 1

It can be really fun to write a series of posts on a particular topic. By my count, I’ve done this at least seven times so far. Today, I’d like to start what I hope will be an oft-read series on biases in judgment and decision-making (to some, cognitive biases). Because of my background in […]