“Sunk Cost” is the cost that have already incurred and cannot be recovered. The money has already been spent and it cannot be recovered and hence it should not be a factor in future decisions. The sunk cost effect is manifested in a ...
Anchoring Bias is a Cognitive Bias in which an individual’s decision is influenced or depends on the first piece of information or initial information received. A common susceptible candidate to the anchoring bias are physicians when diagnosi ...
False Consensus Bias is the tendency of people to overestimate the level to which other people agree or share their beliefs, attitudes, and behaviours which leads to people thinking that others agree with them. People also tend to overvalue t ...
The hindsight bias is a common cognitive bias that involved the tendency of people to see events, even random ones, as more predictable than they are. Hindsight Bias or knew-it-all-along phenomenon; It is the tendency of people to look back on eve ...