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Pages 61 - 70
ℹ️ To see the original source, click on the page image.
- This phenomenon was noticed by researches long time ago, but the term was created recently, in 2006. People seem to think that a unit of some entity is the appropriate and optimal amount.
- The opportunity cost of a choice is the value of the best alternative forgone.
- It is a tendency when people appear more attractive in groups than in isolation.
- This effect is opposite to another fallacy, gambler's fallacy. Nevertheless people are prone to both fallacies.
- Another term is psychological accounting. People tend to mentally frame their incomes depending on the source, making the accounts largely non-fungible. Also this effect is subject to many other biases and logical fallacies.
- People tend to refuse to plan for rare events, which have never happened with them before. The name is a reference to a normal distribution.
- People tend to value things in the present more that in the future. So time discounting itself can be even useful, but people may incorrectly value things in different moments in the future, and it may lead to wrong choices in the present.
- This bias may occur when a person get a track record of good or moral deeds, and then gives himself a license for bad actions.
- This effect appear when more available information influences on decisions: it may be something more easily remembered or just recent. And other information and alternative solutions may not be considered in this case.
- This is a phenomenon where information is better remembered if it is created in the person's mind rather than gotten somewhere else.
