Examlex
What is the difference between the life expectancy of a female and male in the U.S?
Anchoring and Adjustment Heuristic
A mental shortcut that influences the way people intuitively assess probabilities and make decisions based on initial information.
Escalation of Commitment
The phenomenon of investing increasingly more resources into a failing course of action due to cognitive biases and sunk costs.
Confirmation Bias
The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.
Representation Bias
Representation bias refers to the cognitive bias where individuals inaccurately assess the probability of an event based on the ease with which examples come to mind, often due to how frequently they are portrayed or mentioned.
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