A compiled list of biases we have, shortcuts we follow, and irrational decisions we made

Loss Aversion

We are afraid to let go what we think we own even buy sacrificing a big potential gain.

Anchoring & Priming

Our decisions are affected by something totally irrelevant and trivial in our life.

Confirmation Bias

We avoid get rejected and wrong answers even at no cost. We are reluctant to false proof an assumption.

Endowment effect

Ownership affect how we value certain things. We demand much more for things we own than we are willing to pay.

Planning fallacy

We are too optimistic about the time and resource to complete a task.

Money of the House

We will prefer bigger risk if we think the money we have is easy money, e.g. win from gambling.

Break Even Tendency

Given the chance the recover from our previous loss - breakeven - we will tend to make more risky bets

Clustering Illusion

The tendency to recognise pattern in random evens.

Outcome Bias

Judge a decision based on the outcome, rather than how the decision was made at that moment.

Hindsight Bias

"I-knew-it-all-along" effect, the tendency to see past events as being predictable at the time those events happened.

Survivorship Bias

We usually only see the winners. The losers disappear from the record. The odds are generally hidden

Information Bias

The tendency to seek information when it does not affect the decision later.

Sunk Cost Fallacy

We justify increased investment in a decision based on the cumulative investment, despite new evidence suggesting that the decision was probably wrong.

Halo Effect

The tendency for a person's positive or negative traits to "spill over" from one personality area to another in others' perceptions of them

Self-Serving Bias

The tendency to claim more responsibility for successes than failures.

Authority Bias

The tendency to attribute greater accuracy to the opinion of an authority figure (unrelated to its content) and be more influenced by that opinion

Constrast Effect

The enhancement or reduction of a certain perception's stimuli when compared with a recently observed, contrasting object

Availability Bias

The easier it is to recall the consequences of something, the greater those consequences are often perceived to be