Cognitive Errors

  • 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 when we place an irrationally high value on our possessions, as in a way they are part of our personality and ego.
  • Faulty heuristics are another form of bias, referring to our own internal shortcuts and rules of thumb by which we make judgements or predictions.

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