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The Endowment Effect. A strange thing happens in the mind when you buy something.

The Endowment Effect

No matter what it is—a pair of jeans, a car or even a house—in that moment when an object becomes your property, it undergoes a transformation. Because you chose it and you associate it with yourself, its value is immediately increased (Morewedge et al., 2009). If someone offers to buy it from you, the chances are you want to charge much more than they are prepared to pay. That is a cognitive bias called ‘the endowment effect’. It’s the reason that some people have lofts, garages and storage spaces full of junk with which they cannot bear to be parted. When tested experimentally the endowment effect can be surprisingly strong. The endowment effect is particularly strong for things that are very personal and easy to associate with the self, like a piece of jewellery from your partner. Sometimes, of course, the sentimental value of things is justified; but more often than not people hold on to old possessions for no good reason. The Endowment Effect.

Cognitive Biases: Why We Make Irrational Decisions. Explore some classic biases in everyday thinking—and how to avoid them.

Cognitive Biases: Why We Make Irrational Decisions

Over the decades psychologists have discovered all kinds of biases in how we think. Some tell us why the incompetent don’t know they’re incompetent, others why it’s difficult to estimate our future emotions and some why we feel more transparent to others than we really appear. Cognitive Biases: Why We Make Irrational Decisions. Anchoring Effect: How The Mind is Biased by First Impressions. The anchoring effect illuminates how we negotiate, predict our emotions, agree a price and much more… To illustrate the anchoring effect, let’s say I ask you how old Mahatma Gandhi was when he died.

Anchoring Effect: How The Mind is Biased by First Impressions

For half of you I’ll preface the question by saying: “Did he die before or after the age of 9?” For the other half I’ll say: “Did he die before or after the age of 140?” Obviously these are not very helpful statements. Anyone who has any clue who Gandhi was will know that he was definitely older than 9; while the oldest person who ever lived was 122. Because, according to the results of a study conducted by Strack and Mussweiler (1999), these initial statements, despite being unhelpful, affect the estimates people make. In their experiment, the first group guessed an average age of 50 and the second, 67. Neither was that close, he was actually assassinated at 87; but you can still see the effect of the initial number. The anchoring effect You can see the same effect in salary negotiations. Anchoring Effect: How The Mind is Biased by First Impressions. 5 Common Mental Errors That Sway Your Decision Making. I like to think of myself as a rational person, but I’m not one.

5 Common Mental Errors That Sway Your Decision Making

The good news is it’s not just me — or you. We are all irrational. For a long time, researchers and economists believed that humans made logical, well-considered decisions. In recent decades, however, researchers have uncovered a wide range of mental errors that derail our thinking. Sometimes we make logical decisions, but there are many times when we make emotional, irrational, and confusing choices. Psychologists and behavioral researchers love to geek out about these different mental mistakes. 5 Common Mental Errors That Sway Your Decision Making. Définition: Biais cognitif.

Définition: Biais cognitif. Définition: Distorsion cognitive. Définition: Distorsion cognitive. 25 biais cognitifs qui nuisent à la pensée rationnelle. Les biais cognitifs (aussi appelés biais psychologiques) sont des formes de pensée qui dévient de la pensée logique ou rationnelle et qui ont tendance à être systématiquement utilisées dans diverses situations.

25 biais cognitifs qui nuisent à la pensée rationnelle

Ils constituent des façons rapides et intuitives de porter des jugements ou de prendre des décisions qui sont moins laborieuses qu'un raisonnement analytique qui tiendrait compte de toutes les informations pertinentes. Ces jugements rapides sont souvent utiles mais sont aussi à la base de jugements erronés typiques. Le concept a été introduit au début des années 1970 par les psychologues Daniel Kahneman (prix Nobel en économie en 2002) et Amos Tversky pour expliquer certaines tendances vers des décisions irrationnelles dans le domaine économique.

Certains biais s'expliquent par les ressources cognitives limitées. List of cognitive biases. Cognitive biases are tendencies to think in certain ways that can lead to systematic deviations from a standard of rationality or good judgment, and are often studied in psychology and behavioral economics. There are also controversies as to whether some of these biases count as useless, irrational or whether they result in useful attitudes or behavior. For example, when getting to know others, people tend to ask leading questions which seem biased towards confirming their assumptions about the person. This kind of confirmation bias has been argued to be an example of social skill: a way to establish a connection with the other person.[7] The research on these biases overwhelmingly involves human subjects.

However, some of the findings have appeared in non-human animals as well. Decision-making, belief, and behavioral biases[edit] Many of these biases affect belief formation, business and economic decisions, and human behavior in general. List of cognitive biases.