Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
42* decision-making biases 42* decision-making biases
Confirmation bias The tendency to view two
The tendency to search for options as more dissimilar
or interpret information in a when evaluating them
way that conﬁrms one's simultaneously than when
preconceptions. evaluating them separately.
Choice- Contrast effect
The enhancement or diminishing
The tendency to remember of a weight or other measurement
one's choices as better when compared with a recently
than they actually were. observed contrasting object.
/ Loss aversion Bandwagon effect
The tendency to do (or believe)
"the fact that people often
things because many other people
demand much more to give up
do (or believe) the same. Related to
an object than they would be
groupthink and herd behavior.
willing to pay to acquire it".
(see also sunk cost effects)
Congruence bias Denomination effect
The tendency to test The tendency to spend more money
hypotheses exclusively when it is denominated in small
through direct testing, in amounts (e.g. coins) rather than
contrast to tests of possible large amounts (e.g. bills).
*number listed here is not an academic fact, it is simply listed to aid the memorization process.