Sunk Cost Fallacy: something paid for that... - Deepstash

Keep reading for FREE

Sunk Cost Fallacy: something paid for that cannot be reversed. Past costs incurred are no longer relevant to future decisions.

Irrational Escalation: continuing what you were doing despite having negative outcomes because it is in line with past decisions and actions.

Generation Effect: we remember things better when we have thought of them ourselves rather than having read them somewhere.

Loss Aversion / Disposition Effect: we are more afraid of losing something than we are motivated to win something.

360

279 reads

MORE IDEAS ON THIS

Self-serving Bias: we want to keep our self-esteem high, therefore we think that success comes from our own ability and we write off mistakes to external factors.

Illusion of Control: we overestimate our ability to influence certain events.

Il...

374

1.57K reads

Social Desirability Bias: in conversation with others, we answer questions in a way we think will make the other person happy, personally and professionally.

Third-person Effect: we overestimate the effect that mass communication has on others, but underest...

360

303 reads

Reverse Psychology / Reactance: promote a belief or behavior that is opposite to the desired behavior, the person is then more inclined to start doing the opposite (the desired).

Decoy Effect: people tend to make a certain choice between two options if give...

359

286 reads

Absent-mindedness: people have three reasons for not paying attention or forgetting things:

  • Lack of attention
  • Tunnel vision on one item and forgetting the rest
  • Distraction by external factors

Testing Effect: things are sent ...

362

311 reads

Conjunction Fallacy: we think something is more likely to happen if it contains a specific condition (loses the first set, but wins the match) than if it is presented as a general event (wins the match).

Law of Triviality: focusing on non-important details ...

361

259 reads

IKEA Effect: we place more value on products that we have helped create.

Zero-Risk Bias: we prefer to reduce risk on subcomponents than remove a greater amount of risk over the whole.

Processing Difficulty Effect: we remember informat...

359

262 reads

Planning Fallacy: we underestimate the time a task will actually take from us, outsiders overestimate the time others need for a task.

Pro-innovation Bias: not seeing the limitations and weaknesses of a particular innovation, only wanting to implement the i...

360

314 reads

Automation Bias: preference of suggestions made by an automated system, even if a non-automated suggestion is better.

Bandwagon Effect: adopting a certain behavior, belief, style or attitude because others do it.

Placebo: believing so...

361

469 reads

Illusory Correlation: seeing a correlation between two variables that are unrelated.

Pareidolia: seeing patterns or objects in something that are not there. For example, seeing shapes in the clouds.

Anthropomorphism: personifying an a...

365

560 reads

Illusion of Transparency: we assume that others know how we feel.

Curse of Knowledge: while communicating with others we think they know the same as us.

Spotlight Effect: people feel watched, much more than they are actually watched.

364

347 reads

Neglect of Probability: neglecting a relatively small chance that something will happen. Not wearing a seatbelt because there is a small chance of an accident happening.

Anecdotal Fallacy: evidence based entirely on personal experience without real evidence...

367

619 reads

Serial Recall Effect: our ability to recall items or events in order.

Misinformation Effect: our ability to adjust memories of events after hearing information after the event has occurred.

Peak-end Rule: the value we place on a memor...

359

223 reads

Well Traveled Road Effect: estimating route times differently because you are unfamiliar with the route. Routes traveled more often seem to take less time than new routes.

Mental Accounting: we put a value on something we have earned that is based on how we...

361

400 reads

Cue-Dependent Forgetting: remembering certain things by thinking of equivalent memories.

Frequency Ilussion / Baader-Mein...

368

1.14K reads

Normalcy Bias: we underestimate things that might come, sometimes we don’t even believe they are going to come. For example, think of a car accident or a natural disaster.

Zero Sum Bias: thinking that if one thing goes up that another will go down.

361

376 reads

Risk Compensation: we become more cautious when risk is high and become less cautious when we feel confident and secure.

Hyperbolic Discounting / Instant Gratification: we prefer a reward if we get it sooner, we unconsciously attach a discount to a reward t...

370

1.22K reads

Dunning-Kruger Effect: people without skills overestimate their own ability, people with lots of skills underestimate their own ability.

Egocentric Bias: we place too much value on our own perspective and opinion.

Optimism Bias: think...

361

312 reads

Information Bias: more information is not always better; we think we make better choices when we have more information, but that is often not the case.

Ambiguity Bias: we prefer options that have a higher probability of success than options whose probabilit...

361

248 reads

151 Cognitive Biases

Attentional Bias: subconsciously we choose points where we pay attention to. A smoker is more likely to notice other people smoking.

427

3.87K reads

Primacy Effect: we best remember information presented first.

Memory Inhibition: we don’t remember much of irrelevant information.

Modality Effect: the way knowledge is presented contributes to how well the knowledge is remembered. In...

362

247 reads

Selective Perception: we ignore certain things if they are not in line with what we believe.

Observer-Expectancy Effect: people behave differently when someone is watching them.

Experimenter’s Bias / Observer Effect: a researcher can,...

362

832 reads

Functional Fixedness: using an object only for the way it traditionally should be used.

Self-licensing: increased self-confidence makes an individual more likely to engage in undesirable behavior because they believe there are no consequences.

363

489 reads

Distinction Bias: we place more value on the difference between two options when comparing them than we would if we were evaluating them separately.

Framing Effect: people are influenced by the way information is presented, 20% fat or 80% fat free.

366

964 reads

Picture Superiority Effect: we remember pictures better than text.

Self-Reference Effect: things we feel related to we remember better.

Negativity Bias: people are more likely to be attracted to negativity.

Anchoring:

376

2.34K reads

Naïve Cynicism: we think people are more selfish than they really are.

Naïve Realism / Bias Blind Spot: we think we see the world objectively and that others who don’t see it the same way are misinformed, irrational or biased.

Clustering Illus...

369

733 reads

Illusion of Assymetric Insight: we think we know others better than others know themselves.

Rosy Retrospection: people judge the past as more positive than the present.

Hindsight Bias: we think past events were more predictable than t...

360

321 reads

Halo Effect: people, companies, brands or products are judged by their past performance or personality, even if the current or future situation has nothing to do with it.

Cheerleader Effect: individual people are more attractive in a group.

Po...

361

464 reads

Cryptomnesia: we see something somewhere and later remember it as something we did or made ourselves.

False Memory: remembering things we think we made, but which in fact never happened.

Suggestibility: we are willing to accept sugges...

362

241 reads

Fading Affect Bias: memories with negative associations are forgotten faster than positive memories.

Negativity Bias: we are much more attracted to negativity.

Prejudice / Stereotypical Bias: we prejudge people based on the group we p...

361

244 reads

CURATED FROM

CURATED BY

prince_rahul

"A good idea should be like a girl's skirt; long enough to cover the subject and short enough to create interest."

A cognitive bias is a systematic error in thinking that occurs when people are processing and interpreting information in the world around them and affects the decisions and judgments that they make. Can be used in Marketing ...

More like this

Common Explanations for Status Quo Bias

These explanations are all irrational for preferring the status quo:

  • Loss Aversion: When we make decisions, we weigh the potential for loss more heavily than the potential for gain.
  • Sunk Costs: We continue to invest resources like time, mone...

The sunk cost fallacy

The sunk cost fallacy

Humans are especially susceptible to the “sunk cost fallacy”—a psychological effect where we feel compelled to continue doing something just because we’ve already put time and effort into it.

But the reality is that no matter what you spend your time doing, you can never get that time ba...

Three Reasons We Are Blind To Risks

We all fall prey to unforeseen risks, and are blind to them due to three reasons:

  1. The rewards(and potential rewards) obscures one's risk, as demonstrated by gamblers and stock market investors. One remedy is to ask yourself what these rewards are preventing you f...

stash-superman-illustration

Explore the World’s

Best Ideas

200,000+ ideas on pretty much any topic. Created by the smartest people around & well-organized so you can explore at will.

An Idea for Everything

Explore the biggest library of insights. And we've infused it with powerful filtering tools so you can easily find what you need.

Knowledge Library

Powerful Saving & Organizational Tools

Save ideas for later reading, for personalized stashes, or for remembering it later.

# Personal Growth

Take Your Ideas

Anywhere

Organize your ideas & listen on the go. And with Pro, there are no limits.

Listen on the go

Just press play and we take care of the words.

Never worry about spotty connections

No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.

Get Organized with Stashes

Ideas for your next work project? Quotes that inspire you? Put them in the right place so you never lose them.

Join

2 Million Stashers

4.8

5,740 Reviews

App Store

4.7

72,690 Reviews

Google Play

Ashley Anthony

This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!

Shankul Varada

Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.

samz905

Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.

Sean Green

Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.

Jamyson Haug

Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.

Ghazala Begum

Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.

Giovanna Scalzone

Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.

Laetitia Berton

I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving & library

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Personalized recommendations

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates