I advise companies and entrepreneurs - I like to talk about these 10 biases that sto

[AmandaRob]

I advise companies and entrepreneurs - I like to talk about these 10 biases that sto

1. Anchoring Bias : Whatever the setting, the information you gather first will heavily influence the full range you’re able to think about.

   1. Risk Compensation / Peltzman Effect : The tendency to take greater risks when perceived safety increases. This applies to all facets of life, from driving faster when wearing a seatbelt to washing your hands less regularly after receiving the COVID vaccine.
   2. Framing Effect : You’ll be victim of the framing effect if you draw different conclusions from the same information, depending on how that information is presented. And you will, because that’s how the brain works.
   3. Non-Adaptive Choice Switching : After experiencing a bad outcome from having made a decision, we have a tendency to avoid said decision when faced with another problem, even though it was the optimal choice at the time.
   4. Ingroup Bias : People’s tendency to give preferential treatment to others they perceive to be members of their own groups. That group may be defined in different ways : members of their own company, of their own industry, of their own national culture…
   5. Empathy Gap : We all think we’re great at controlling our feelings. We’re not. This concept is called the Empathy Gap bias, which explains our tendency to underestimate the influence or strength of feelings, in either oneself or others.
   6. Confirmation Bias : Suffering from Confirmation Bias means searching for, interpreting, focusing on and remembering information in a way that confirms your preconceptions.
   7. Prevention Bias : When investing money to protect against certain risks, decision makers tend to think that money spent on prevention buys more security than a dollar spent on timely detection and response, even when investing in either option is equally effective.
   8. Plan continuation bias : The failure to recognize that the original plan of action is no longer appropriate for a changing situation or for a situation that is different than anticipated. When the foundations are bad, the best you can often do is give up.
   9. Pro-Innovation Bias : The pro-innovation bias reflects this by describing a tendency to have an excessive optimism towards an invention or innovation’s usefulness throughout society, while often failing to identify its limitations and weaknesses.

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submitted by /u/ThePourquoiPas
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