Choice Architecture: Even in “Heads or Tails,” It Matters What’s Presented First

If you’re familiar with behavioural economics, then the results of this study will be right up your alley. The researchers set out to determine whether there was a “first-toss Heads bias.” Meaning, when flipping a coin and the choices are presented “Heads or Tails,” there would be a bias towards people guessing “Heads” (because it was presented first). Through running their […]

Don’t Fall for the Gambler’s Fallacy: List of Biases in Judgment and Decision-Making, Part 7

A little later in the day than I would have liked, but today’s cognitive bias is the gambler’s fallacy. The bias gets its name from, as you’d expect, gambling. The easiest example to think of is when you’re flipping a coin. If you flip a coin 4 times and each of those 4 times the […]