Decision-Making Biases
Decision biases affect how we compare options, estimate risks, and justify commitments.
01
Anchoring bias
Relying too heavily on the first number, idea, or frame offered.
02
Confirmation bias
Seeking or favoring information that supports what you already believe.
03
Framing effect
Reacting differently depending on how the same choice is presented.
04
Loss aversion
Feeling losses more strongly than equivalent gains.
05
Status quo bias
Preferring things to stay as they are.
06
Default effect
Sticking with the preselected option.
07
Sunk cost fallacy
Continuing because of what has already been invested.
08
Endowment effect
Valuing something more because you own it.
09
Planning fallacy
Underestimating how long work will take.
10
Optimism bias
Overestimating the chance of good outcomes.
11
Pessimism bias
Overestimating the chance of bad outcomes.
12
Present bias
Overvaluing immediate rewards over future benefits.
13
Hyperbolic discounting
Preferring smaller sooner rewards over larger later rewards.
14
Overconfidence effect
Being more certain than accuracy justifies.
15
Dunning-Kruger effect
Low expertise can produce inflated confidence.
16
Ambiguity effect
Avoiding options with unknown probabilities.
17
Certainty effect
Overvaluing outcomes that feel guaranteed.
18
Risk compensation
Taking more risk when feeling protected.
19
Zero-risk bias
Preferring to eliminate a small risk over reducing a bigger one.
20
Action bias
Preferring action even when waiting may be better.
21
Omission bias
Judging harmful inaction as less serious than harmful action.
22
Commission bias
Favoring intervention because doing something feels responsible.
23
Escalation of commitment
Investing more to defend a previous decision.
24
Normalcy bias
Assuming things will continue normally despite warning signs.
25
Outcome bias
Judging a decision by its result rather than its process.
26
Information bias
Seeking more information even when it will not change the choice.
27
Pro-innovation bias
Overvaluing new ideas because they are new.
28
Restraint bias
Overestimating your ability to resist temptation.
29
Unit bias
Assuming one unit is the right amount.
30
Decoy effect
A third option changes preferences between two others.
31
Compromise effect
Choosing the middle option because it feels reasonable.
32
Distinction bias
Overemphasizing small differences when comparing side by side.
33
Contrast effect
Judging something by comparison rather than its own value.
34
Mere exposure effect
Liking something more because it is familiar.
35
Familiarity heuristic
Treating familiar options as safer or better.
36
Affect heuristic
Letting immediate feelings stand in for analysis.
37
Representativeness heuristic
Judging by resemblance instead of probability.
38
Base rate neglect
Ignoring general probabilities in favor of vivid details.
39
Conjunction fallacy
Assuming a detailed combined story is more likely than a simpler one.
40
Gambler's fallacy
Believing random streaks must soon reverse.
41
Hot-hand fallacy
Believing a streak means continued success is likely.
42
Regression fallacy
Mistaking natural movement toward average for a causal effect.
43
Survivorship bias
Learning only from visible successes.
44
Sample size neglect
Overtrusting patterns from small samples.
45
Law of small numbers
Expecting small samples to represent the whole population.
46
Illusion of validity
Feeling confident because a story seems coherent.
47
Illusion of control
Overestimating your influence over outcomes.