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confident decisions start here. 

Everyone uses mental short-cuts - commonly called cognitive biases and heuristics - to make decisions, so we can act quickly. 

But mental short-cuts can also harm our decision making, especially when uncertainty and risks increase.

 

Learn about the common mental short-cuts and how they can influence our decision making: 

Cognitive biases can lead to perceptual distortion, inaccurate judgment, illogical interpretation, or what is broadly called irrationality.

Common cognitive biases:

black and white abstract image of a sphere with dots
  • Confirmation Bias: Tendency to favor information that confirms one's preexisting beliefs or values.

  • Overconfidence Bias: Overestimating one's own abilities, knowledge, or the accuracy of one's beliefs and predictions.

  • Anchoring Bias: Relying too heavily on the first piece of information encountered (the "anchor") when making decisions.

  • Sunk Cost Fallacy: Continuing a behavior or endeavor as a result of previously invested resources (time, money, etc.) despite new evidence suggesting that it's not the best decision.

  • Hindsight Bias: Believing, after an event has occurred, that one would have predicted or expected the outcome.

  • Loss Aversion: The tendency to prefer avoiding losses over acquiring equivalent gains.

  • Decision Fatigue: Deterioration of decision quality after a long session of decision making.

  • Status Quo Bias: Preferring the current state of affairs and resisting change.

  • Availability Cascade: A self-reinforcing process where a collective belief gains more and more plausibility through repetition in a community or society

  • Framing Effect: Drawing different conclusions based on how information is presented or framed.

  • Groupthink: The tendency of a group to make decisions without critical evaluation due to pressures for conformity or a desire to maintain group harmony.

  • Recency Bias: Giving more importance to recent events or information when making decisions.

  • Illusion of Control: Overestimating one's ability to control or influence events.

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