Summary: Recency bias is type of cognitive bias that gives emphasis or greater importance for events that happened recently over ones that took place a long time ago. Examples may include the recent performance of stocks compared to ones from several years ago. Originator: Amos Tversky and Daniel Kahneman [iii] in the early 1970s. Keywords: recency bias, […]
Dunning-Krueger Effect
The Dunning-Krueger Effect is a cognitive bias that provides people with limited competence the illusion that they are better than they actually are; in other words, people naturally overestimate their own lack of ability (one is blind to their own foolishness) in “Mount Stupid.” Originators: Social psychologists David Dunning and Justin Kruger (1999) Summary: A […]
Confirmation Bias (Wason)
Summary: Confirmation bias is a cognitive error that people make when they are only willing to accept new information when it confirms what they already believe (i.e., aligns with their existing beliefs and values). People who fall into the trap of confirmation bias tend to purposefully seek out evidence that supports already solidified beliefs and […]