The Crucible Character Chart PDF, Exercises of Law

Download The Crucible Character Chart PDF and more Exercises Law in PDF only on Docsity! COGNITIVE BIASES INFOGRAPHIC Loss Aversion: Confirmation Bias: Anchoring Effect: Present Bias Endowment Effect: -is a cognitive bias that describes why, for individuals, the pain of losing is psychologically twice as powerful as the pleasure of gaining. For example, if you have $100 and you lose $50, it will likely feel worse to you than if you had $0 and gained $50 -An individual might overcome it by thinking long- term -describes the common human tendency to rely too heavily on the first piece of information offered when making decisions. For example discounts. -An individual might overcome it by Increasing knowledge through research. -the inclination that some humans have to be part of a large group. For example, Investors rush to buy a specific stock because it's supposedly hot. -An individual might overcome it by stopping looking at others to do the research and taking the steps to study the facts for yourself. -is the tendency to search, interpret, and recall information in a way that aligns with our pre-existing values, opinions, or beliefs. For example Optimistic People. -An individual might overcome it by making themselves aware of it - describes how people tend to value items that they own more highly than they would if they did not belong to them. For example, individuals place more value on certain items, often things they own, compared to items they do not own. -knowing it will help you identify it. -is the tendency to focus more on the present situation than the future when making decisions.For example a present-biased person might prefer to receive ten dollars today over receiving fifteen dollars tomorrow. -Work to imagine how Future You would decide. 1 2 3 4 5 6 Herd Mentality: