Thinking Skills | Journey of a Strategic Thinker | Week 2

 

Week 2

 

This week I picked up another set of biases. This week's set include:

1. Confirmation Bias
2. Baader Meinhoff Phenomenon
3. Zeigarnik Effect
4. Authority Bias
5. Sunk Cost Bias
6. Dunning Kruger Effect
   

 

 Confirmation Bias

• occurs when we focus on information that supports our existing beliefs
• we are likely to ignore any information that contradicts these opinions

Baader Meinhoff Phenomenon

• tendency after noticing something for the first time, we tend to notice it more often
• we have an increased awareness of something

 

Zeigarnik Effect

• We can almost always remember incomplete tasks
  • incomplete tasks will stick around in our memory longer
• completed tasks are easily forgotten

 

Authority Bias

• happens when we favor opinions and ideas that come from an authority figure.
• we often trust and take an authority figure's ideas at face value
  

Sunk Cost Bias

• it's our tendency to continue investing in a project because we have already invested considerable resources and time
• we ignore the failing state of something because we decided to choose it earlier
   

 

Dunning Kruger Effect 

• tendency for unskilled people to overestimate their abilities and for the skilled people to underestimate their ability.
  

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