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Cognitive Biases and Illusions (DETAILED ANSWERS) Semester 2 2024 - DISTINCTION_.pdf
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Cognitive Biases and IllusionsJeremiah
Terms in this set (12)
Cognitive bias where individuals overestimate their own abilities, qualities, or
Lake Wobegon Effect achievements relative to others, believing they are better than average, despite
statistical impossibility
Hindsight Bias Leads individuals to see past events as more predictable than they actually are
Stress experienced when confronted with information that calls existing beliefs into
Cognitive Dissonance
question, leading to biased information search
Stress experienced when confronted with information that calls existing beliefs into
Self-Attribution Bias question, leading to biased information search; attributing one's success to skill and
others' success to luck
Illusion of Understanding Constructing false accounts of the past and believing they are true
Phenomenon experienced by most people playing a game of chance, feeling as if they
Illusion of Control
can control the next outcome
Cognitive bias where people overestimate the accuracy of their judgments or
Illusion of Validity
predictions, even when faced with evidence of unreliability
Preference for linear, causally connected stories, overlooking randomness and
Narrative Fallacy
uneventful occurrences
Outcomes influence memory of initial predictions or beliefs, leading to belief in
Hindsight Bias (Chapter 19)
knowing the outcome all along
Retrospective narration highlighting strategic decisions and fortunate events, leading to
The Google Story Example
an illusion of inevitability and underappreciation of luck's role
An explanation's quality is measured by whether it could have made the event
Test of Explanation
predictable in the future
Outcomes influence memory of initial predictions or beliefs, affecting personal self-
Hindsight Bias (Chapter 20)
assessment and evaluations in business, law, and politics
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