Cognitive errors, such as Confirmation Bias and Overconfidence, distort rational thinking by favoring certain information, overemphasizing recent data, or relying on past investments.
Cognitive errors, or biases, are mental shortcuts that often deviate from rational thinking. Confirmation Bias leads to favoring information that aligns with existing beliefs, while the Availability Heuristic overemphasizes easily accessible information.
Anchoring Bias fixates decision-making on initial data encountered. Hindsight Bias causes the belief that events were more predictable after they've occurred. Overconfidence leads to overestimating one's abilities or judgments.
Sunk Cost Fallacy influences decisions based on past investments rather than current context. Gambler's Fallacy assumes past events affect future probabilities. Recency Bias overvalues recent information.
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What are the types of cognitive error?