Cognitive Biases

a handy list for your awareness

It is the 4th of July and weirdly, this topic seemed an appropriate one for the state of the union. 250 years is a long time for this American experiment to last. But will it last another 50? I just don’t know.

We have covered these throughout all of the posts focusing on human psychology so below is a handy cheat sheet. If you step back from the individual names, all of these biases point to the same three truths about how the human mind works. We rely on shortcuts. Our brains are built for speed, not accuracy. We protect our identity. We favor our group, defend our past choices, cling to what we already own, and reject ideas from people we dislike. These aren’t logical moves. They are emotional ones. We avoid discomfort. We ignore bad news, prefer the familiar, discount the future, and assume we’re less biased than everyone else. Our minds are constantly trying to shield us from uncertainty, loss, and regret.

Anchoring Effect

We rely too heavily on the first piece of information we hear. A realtor shows you an overpriced house first, so every other house feels like a deal.

Authority Bias

We trust opinions from authority figures more than we should. Believing a claim because the pastor of your church said it.

Availability Heuristic

We overestimate the likelihood of events that are easy to recall. After seeing news about plane crashes, we think flying is more dangerous than driving.

Bandwagon Effect

We adopt beliefs because others around us believe them. Everyone in your office starts using a new cell phone model so you assume it must be better.

Blind Spot Bias

We believe we’re less biased than other people. Everyone else falls for fake news, but I don’t.

Confirmation Bias

We seek out information that confirms what we already believe. If you think a politician is weak, you only click articles that reinforce that belief.

Courtesy Bias

We give socially acceptable answers rather than truthful ones. Saying you loved a friend’s dinner even though it was terrible.

Endowment Effect

We overvalue things simply because we own them. You think your old car is worth more than the market says because it means something to you.

Fundamental Attribution Error

We attribute others’ behavior to character, but our own to circumstances. He cut me off because he’s a jerk but I cut someone off because I was late.

Gambler’s Fallacy

We believe past random events influence future ones. The roulette wheel has hit black five times so red is due. That is not how probability works.

Hyperbolic Discounting

We prefer small, immediate rewards over larger, delayed ones. Choosing $20 today instead of $40 in a month.

In‑Group Bias

We favor people who belong to our group. Giving a job candidate the benefit of the doubt because they went to your alma mater.

Loss Aversion

Losses hurt more than equivalent gains feel good. Losing $50 feels worse than winning $50 feels good.

Negativity Bias

We pay more attention to negative events than positive ones. Remembering one critical comment and forgetting ten compliments.

Ostrich Effect

We avoid information that might cause psychological discomfort. Not checking your retirement account during a market downturn.

Post‑Purchase Rationalization

We convince ourselves a purchase was great even if it wasn’t. Sure, the shoes hurt, but they were such a good deal!

Reactive Devaluation

We devalue proposals simply because they come from an adversary. If they suggested it, it must be bad.

Recency Bias

We weigh recent events more heavily than older ones. Thinking the stock market will keep rising because it rose last week.

Risk Compensation

We take more risks when we feel safer. Driving faster because your car has new safety features or taking off your seat belt because you are close to home.

Stereotyping

We assume individuals have traits of the group they belong to. Assuming a Gen Z kid is irresponsible before you’ve even met them.

Status Quo Bias

We prefer things to stay the same, even when change would help us. Sticking with a bad cell phone plan because switching feels like a hassle.

Sunk Cost Fallacy

We continue a behavior or hold onto something because we’ve already invested in it, even when it no longer serves us. I have kept a keyboard I never play because I took piano lessons for year and feel like I should still enjoy it. It is identity inertia.

Survivorship Bias

We focus on successful examples and ignore failures. Entrepreneurs who dropped out of college became billionaires so dropping out must be smart.

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I hope this list is helpful and remember, understanding these patterns doesn’t eliminate them. But it does give us a fighting chance to notice when our emotional brains are steering us instead of the other way around.