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 […]