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Cognitive Bias
A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment. Individuals create their own "subjective reality" from their perception of the input. An individual's construction of reality, not the objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, or what is broadly called irrationality. Although it may seem like such misperceptions would be aberrations, biases can help humans find commonalities and shortcuts to assist in the navigation of common situations in life. Some cognitive biases are presumably adaptive. Cognitive biases may lead to more effective actions in a given context. Furthermore, allowing cognitive biases enables faster decisions which can be desirable when timeliness is more valuable than accuracy, as illustrated in heuristics. Other cognitive biases are a "by-product" of human processing limitations, resulting ...
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Cognitive Bias Codex En
Cognition refers to "the mental action or process of acquiring knowledge and understanding through thought, experience, and the senses". It encompasses all aspects of intellectual functions and processes such as: perception, attention, thought, intelligence, the formation of knowledge, memory and working memory, judgment and evaluation, reasoning and computation, problem solving and decision making, comprehension and production of language. Imagination is also a cognitive process, it is considered as such because it involves thinking about possibilities. Cognitive processes use existing knowledge and discover new knowledge. Cognitive processes are analyzed from different perspectives within different contexts, notably in the fields of linguistics, musicology, anesthesia, neuroscience, psychiatry, psychology, education, philosophy, anthropology, biology, systemics, logic, and computer science. These and other approaches to the analysis of cognition (such as embodied cognition) ...
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Orders Of Magnitude
An order of magnitude is an approximation of the logarithm of a value relative to some contextually understood reference value, usually 10, interpreted as the base of the logarithm and the representative of values of magnitude one. Logarithmic distributions are common in nature and considering the order of magnitude of values sampled from such a distribution can be more intuitive. When the reference value is 10, the order of magnitude can be understood as the number of digits in the base-10 representation of the value. Similarly, if the reference value is one of some powers of 2, since computers store data in a binary format, the magnitude can be understood in terms of the amount of computer memory needed to store that value. Differences in order of magnitude can be measured on a base-10 logarithmic scale in “decades” (i.e., factors of ten). Examples of numbers of different magnitudes can be found at Orders of magnitude (numbers). Definition Generally, the order of magnitude ...
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Hot Cognition
Hot cognition is a hypothesis on motivated reasoning in which a person's thinking is influenced by their emotional state. Put simply, hot cognition is cognition coloured by emotion. Hot cognition contrasts with cold cognition, which implies cognitive processing of information that is independent of emotional involvement. Hot cognition is proposed to be associated with cognitive and physiological arousal, in which a person is more responsive to environmental factors. As it is automatic, rapid and led by emotion, hot cognition may consequently cause biased decision making. Hot cognition may arise, with varying degrees of strength, in politics, religion, and other sociopolitical contexts because of moral issues, which are inevitably tied to emotion. Hot cognition was initially proposed in 1963 by Robert P. Abelson. The idea became popular in the 1960s and the 1970s. An example of a biased decision caused by hot cognition would be a juror disregarding evidence because of an attraction ...
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Cognitive Dissonance
In the field of psychology, cognitive dissonance is the perception of contradictory information, and the mental toll of it. Relevant items of information include a person's actions, feelings, ideas, beliefs, values, and things in the environment. Cognitive dissonance is typically experienced as psychological stress when persons participate in an action that goes against one or more of those things. According to this theory, when two actions or ideas are not psychologically consistent with each other, people do all in their power to change them until they become consistent. The discomfort is triggered by the person's belief clashing with new information perceived, wherein the individual tries to find a way to resolve the contradiction to reduce their discomfort.Festinger, L. (1957). ''A Theory of Cognitive Dissonance''. California: Stanford University Press. In '' When Prophecy Fails: A Social and Psychological Study of a Modern Group That Predicted the Destruction of the World'' ...
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Egocentric Bias
Egocentric bias is the tendency to rely too heavily on one's own perspective and/or have a higher opinion of oneself than reality. It appears to be the result of the psychological need to satisfy one's ego and to be advantageous for memory consolidation. Research has shown that experiences, ideas, and beliefs are more easily recalled when they match one's own, causing an egocentric outlook. Michael Ross and Fiore Sicoly first identified this cognitive bias in their 1979 paper, "Egocentric biases in availability and attribution". Egocentric bias is referred to by most psychologists as a general umbrella term under which other related phenomena fall. The effects of egocentric bias can differ based on personal characteristics, such as age and the number of languages one speaks. Thus far, there have been many studies focusing on specific implications of egocentric bias in different contexts. Research on collaborative group tasks have emphasized that people view their own contribut ...
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Illusory Correlation
In psychology, illusory correlation is the phenomenon of perceiving a relationship between variables (typically people, events, or behaviors) even when no such relationship exists. A false association may be formed because rare or novel occurrences are more salient and therefore tend to capture one's attention. This phenomenon is one way stereotypes form and endure. found that stereotypes can lead people to expect certain groups and traits to fit together, and then to overestimate the frequency with which these correlations actually occur. These stereotypes can be learned and perpetuated without any actual contact occurring between the holder of the stereotype and the group it is about. History "Illusory correlation" was originally coined by Chapman and Chapman (1967) to describe people's tendencies to overestimate relationships between two groups when distinctive and unusual information is presented. The concept was used to question claims about objective knowledge in clinica ...
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Sunk Costs
In economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with '' prospective costs'', which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future. Even though economists argue that sunk costs are no longer relevant to future rational decision-making, people in everyday life often take previous expenditures in situations, such as repairing a car or house, into their future decisions regarding those properties. Bygones principle According to classical economics and standard microeconomic theory, only prospective (future) costs are relevant to a rational decision. At any moment in time, the best thing to do depends only on ''current'' alternatives. The only things that matter are the ''future'' consequences. Past mistakes are irrelevant. Any cos ...
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Decision-making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action. Research about decision-making is also published under the label problem solving, particularly in European psychological research. Overview Decision-making can be regarded as a problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge and beliefs. Tacit knowledge is often used to fill the gaps in complex decision-making processes. Usually, both o ...
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Group Polarization
In social psychology, group polarization refers to the tendency for a group to make decisions that are more extreme than the initial inclination of its members. These more extreme decisions are towards greater risk if individuals' initial tendencies are to be risky and towards greater caution if individuals' initial tendencies are to be cautious. The phenomenon also holds that a group's attitude toward a situation may change in the sense that the individuals' initial attitudes have strengthened and intensified after group discussion, a phenomenon known as attitude polarization. Overview Group polarization is an important phenomenon in social psychology and is observable in many social contexts. For example, a group of women who hold moderately feminist views tend to demonstrate heightened pro-feminist beliefs following group discussion. Similarly, studies have shown that after deliberating together, mock jury members often decided on punitive damage awards that were either large ...
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Probability Calculus
Probability is the branch of mathematics concerning numerical descriptions of how likely an event is to occur, or how likely it is that a proposition is true. The probability of an event is a number between 0 and 1, where, roughly speaking, 0 indicates impossibility of the event and 1 indicates certainty."Kendall's Advanced Theory of Statistics, Volume 1: Distribution Theory", Alan Stuart and Keith Ord, 6th Ed, (2009), .William Feller, ''An Introduction to Probability Theory and Its Applications'', (Vol 1), 3rd Ed, (1968), Wiley, . The higher the probability of an event, the more likely it is that the event will occur. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written as 0.5 or 50%). These con ...
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Formal Logic
Logic is the study of correct reasoning. It includes both formal and informal logic. Formal logic is the science of deductively valid inferences or of logical truths. It is a formal science investigating how conclusions follow from premises in a topic-neutral way. When used as a countable noun, the term "a logic" refers to a logical formal system that articulates a proof system. Formal logic contrasts with informal logic, which is associated with informal fallacies, critical thinking, and argumentation theory. While there is no general agreement on how formal and informal logic are to be distinguished, one prominent approach associates their difference with whether the studied arguments are expressed in formal or informal languages. Logic plays a central role in multiple fields, such as philosophy, mathematics, computer science, and linguistics. Logic studies arguments, which consist of a set of premises together with a conclusion. Premises and conclusions are usually unde ...
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Gerd Gigerenzer
Gerd Gigerenzer (born 3 September 1947) is a German psychologist who has studied the use of bounded rationality and heuristics in decision making. Gigerenzer is director emeritus of the Center for Adaptive Behavior and Cognition (ABC) at the Max Planck Institute for Human Development and director of the Harding Center for Risk Literacy, both in Berlin. Gigerenzer investigates how humans make inferences about their world with limited time and knowledge. He proposes that, in an uncertain world, probability theory is not sufficient; people also use smart heuristics, that is, rules of thumb. He conceptualizes rational decisions in terms of the ''adaptive toolbox'' (the repertoire of heuristics an individual or institution has) and the ability to choose a good heuristics for the task at hand. A heuristic is called ecologically rational to the degree that it is adapted to the structure of an environment. Gigerenzer argues that heuristics are not irrational or always second-best to ...
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