Cognitive Biases are a collection of faulty and illogical ways of thinking which are hardwired in the brain, most of which we aren’t aware of.

It's our tendency to place importance on the first figure that we hear or see and tends to greatly affect our decisions, estimates or predictions.

• Fundamental Attribution Error is a bias in which we put too much weight on the external attributes of the individual while accessing their behaviour, paying less attention to the external factors that can be easily measured.
• Endowment Effect is whe...

It makes us certain without a doubt that if the flipped coin lands a heads up five times consecutively, it will land as tails up the sixth time. The real odds still stand at 50-50 for each flip.

Sunk-cost thinking makes us stick with a bad decision due the investments already made.

It's a tendency to heavily weigh the moment which is closer to the present, as compared to something in the near or distant future.

This is one of the most common and dangerous ones, and is related to our beliefs. It leads us to ‘confirm’ what we already know, believe or suspect when any new piece of data comes in the light. If there is an alternate or conflicting piece of evidence, we tend to sideline, ignor...