Influential Biases

Most Influential Biases on your Decision-Making

The most Influential Biases on your Decision-Making:

1. Illusion of Skill - We regularly confuse luck with skill because we solely focus on outcomes.

2. Recency Bias - We tend to put too much weight on recent events.

3. Anchoring - Our judgment is heavily screwed by the first information we are given about something.

4. Regression - We love to see cause-effect relationships where none exist. Everything, always, regresses to its mean!

5. Hindsight Bias - In retrospect, events seem more predictable than they actually were.

6. Halo Effect - You either like or dislike everything about someone or something. Nothing in between.

7. Loss Aversion - Losses weigh twice as much as the equivalent gain. Because of that, we reject gambles where chance would favor us.

8. Commitment Bias - We have a tendency to remain committed to our past behaviors and opinions. Particularly when expressed publicly, even if they do not have desirable outcomes.

9. WYSIATI - What you see is all there is. You can't consider what you don’t know. Paradoxically, knowing less also increases your confidence about being right.

Which Bias is missing ?