It’s Monday, so that means it’s time for another cognitive bias. However, I’ve finished the list of cognitive biases that I wanted to highlight. Of course, there are many more biases that could be discussed, but I thought those 14 were some of the more important cognitive biases. With today’s post, I thought I would …
Tag Archives: Endowment effect
What’s the Status Quo From the Other Side: List of Biases in Judgment and Decision-Making, Part 14
It’s Monday, so you know what that means — cognitive bias! When I write that, I sort of imagine a “live television audience shouting in chorus: cognitive bias!” Wouldn’t that be fun? Well, maybe it wouldn’t, but it’s kind of funny to think about. I’ve only got a couple of more biases that I’d like …
Get a Second Opinion Before You Succumb to the Planning Fallacy: List of Biases in Judgment and Decision-Making, Part 4
I know that I said that I was going to be talking about a new bias in judgment and decision-making every Monday and I know that today is Tuesday. To be honest — I underestimated how long it would take me to prepare for my seminar in International Relations. Aside: if you want to challenge yourself, …
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 …
Jeremiah Stanghini 