Heuristics and Biases

Heuristics and Biases



When selecting projects many people like to use their gut to chose. Unfortunately it is scarily easy for us to be swayed into bad decisions due to the way in which our brains are wired. These hard coded rules are known in psychology as heuristics and are well documented and undisputed. Being aware of them can help ensure decisions are made using sound logic and not just on gut.

  • Ambiguity effect – the tendency to avoid options for which missing information makes the probability seem "unknown."[8]
  • Anchoring or focalism – the tendency to rely too heavily, or "anchor," on one trait or piece of information when making decisions
  • Availability heuristic – the tendency to overestimate the likelihood of events with greater "availability" in memory, which can be influenced by how recent the memories are or how unusual or emotionally charged they may be.
  • Bias blind spot – the tendency to see oneself as less biased than other people, or to be able to identify more cognitive biases in others than in oneself.
  • Confirmation bias – the tendency to search for or interpret information or memories in a way that confirms one's preconceptions.
  • Negativity bias – the tendency to pay more attention and give more weight to negative than positive experiences or other kinds of information.
  • Outcome bias – the tendency to judge a decision by its eventual outcome instead of based on the quality of the decision at the time it was made.
  • Reactance – the urge to do the opposite of what someone wants you to do out of a need to resist a perceived attempt to constrain your freedom of choice.

Resources

Resource Name Description Resource Type
Heuristics and Biases This is the main page from this wiki,

When selecting projects many people like to use their gut to chose. Unfortunately it is scarily easy for us to be swayed into bad decisions due to the way in which our brains are wired. These hard coded rules are known in psychology as heuristics and are well documented and undisputed. Being aware of them can help ensure decisions are made using sound logic and not just on gut. || M2i wiki page

List of Cognitive Biases This is the main wikipedia on the subject. Wikipedia Page