the tendency to stick to an ineffective course of action when it is unlikely that the bad situation can be reversed
occurs when decision makers are influenced by initial information even if irrelevant
escalation of commitment bias
availability heuristic
decision influenced by the way in which a problem is presented; tendency to consider risks about gains differently than to losses
framing bias
hindsight bias
our tendency to be overconfident about estimates of forecasts
tends to assess the likelihood of an event occurring based on one's impressions about similar occurrences (UConn graduate job)
representativeness heuristic
tends to base decisions on information available in memory when it involves a recent event, it is salient and it evokes strong emotions
anchoring bias
knowledge of an outcome influences belief about probability that the outcome could've been predicted earlier
confirmation bias
seeking information that supports your point of view and to discount information that does not
overconfidence bias