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Money illusion. In economics, money illusion, or price illusion, is a cognitive bias where money is thought of in nominal, rather than real terms. In other words, the face value (nominal value) of money is mistaken for its purchasing power (real value) at a previous point in time. Viewing purchasing power as measured by the nominal value is ...
Money illusion: The tendency to concentrate on the nominal value (face value) of money rather than its value in terms of purchasing power. [104] Moral credential effect Occurs when someone who does something good gives themselves permission to be less good in the future. Non-adaptive choice switching
Doctoral advisor. Daniel Osherson. Eldar Shafir ( Hebrew: אלדר שפיר) is an American behavioral scientist, and the co-author of Scarcity: Why Having Too Little Means So Much [1] (with Sendhil Mullainathan ). He is the Class of 1987 Professor in Behavioral Science and Public Policy; Professor of Psychology and Public Affairs at Princeton ...
Illusory superiority. In social psychology, illusory superiority is a cognitive bias wherein people overestimate their own qualities and abilities compared to others. Illusory superiority is one of many positive illusions, relating to the self, that are evident in the study of intelligence, the effective performance of tasks and tests, and the ...
The gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances, is the belief that, if an event (whose occurrences are independent and identically distributed) has occurred less frequently than expected, it is more likely to happen again in the future (or vice versa). The fallacy is commonly associated ...
Thinking, Fast and Slow is a 2011 popular science book by psychologist Daniel Kahneman . The book's main thesis is a differentiation between two modes of thought: "System 1" is fast, instinctive and emotional; "System 2" is slower, more deliberative, and more logical. The book delineates rational and non-rational motivations or triggers ...
Frequency illusion. The frequency illusion (also known as the Baader–Meinhof phenomenon) is a cognitive bias in which a person notices a specific concept, word, or product more frequently after recently becoming aware of it. The name "Baader–Meinhof phenomenon" was coined in 1994 by Terry Mullen in a letter to the St. Paul Pioneer Press. [ 1]
Hindsight bias. In a 1997 study, Ralph Hertwig, Gerd Gigerenzer, and Ulrich Hoffrage linked the illusory truth effect to the phenomenon known as "hindsight bias", described as a situation in which the recollection of confidence is skewed after the truth or falsity has been received. They have described the effect (which they call "the ...