## Decision \ [edit\] In decision or _choice_ tasks, people select one option out of several. Association: - Ambiguity effect, the tendency to avoid options for which the probability of a favorable outcome is unknown.[\[45\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-45) - 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.[\[46\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-46) - Automation bias, the tendency to depend excessively on automated systems which can lead to erroneous automated information overriding correct decisions.[\[47\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-47) - Default effect, the tendency to favor the default option when given a choice between several options.[\[48\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-48) - Dread aversion"), just as losses yield double the emotional impact of gains, dread yields double the emotional impact of savouring.[\[49\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-49)[\[50\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-50) - The framing effect "Framing effect (psychology)") is the tendency to draw different conclusions from the same information, depending on how that information is presented. - Hyperbolic discounting, where discounting is the tendency for people to have a stronger preference for more immediate payoffs relative to later payoffs. Hyperbolic discounting leads to choices that are inconsistent over time—people make choices today that their future selves would prefer not to have made, despite using the same reasoning.[\[51\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-Laibson1997QJE-51) Also known as current moment bias or present bias, and related to Dynamic inconsistency. A good example of this is a study showed that when making food choices for the coming week, 74% of participants chose fruit, whereas when the food choice was for the current day, 70% chose chocolate. - Compassion fade, the tendency to behave more compassionately towards a small number of identifiable victims than to a large number of anonymous ones.[\[52\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-comp-fade-52) - Loss aversion, where the perceived disutility of giving up an object is greater than the utility associated with acquiring it.[\[53\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-53) (see also Sunk cost fallacy) - Neglect of probability, the tendency to completely disregard probability when making a decision under uncertainty.[\[54\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-54) - Non-adaptive choice switching"): After experiencing a bad outcome with a decision problem, the tendency to avoid the choice previously made when faced with the same decision problem again, even though the choice was optimal. Also known as "once bitten, twice shy" or "hot stove effect".[\[55\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-55) - Prevention bias"): When investing money to protect against risks, decision makers perceive that a dollar spent on prevention buys more security than a dollar spent on timely detection and response, even when investing in either option is equally effective.[\[56\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-56) - Pseudocertainty effect, the tendency to make risk-averse choices if the expected outcome is good but risk-seeking choices if it is bad.[\[57\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-57) - Risk compensation or Peltzman effect: The tendency to take greater risks when perceived safety increases. - Zero-risk bias, the preference for reducing a small risk to zero over a greater reduction in a larger risk. Baseline: - Action bias: The tendency for someone to act when faced with a problem even when inaction would be more effective, or to act when no evident problem exists.[\[58\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-58)[\[59\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-59) - Additive bias: The tendency to solve problems through addition, even when subtraction is a better approach.[\[60\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-60)[\[61\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-61) - Decoy effect, where preferences for either option A or B change in favor of option B when option C is presented, which is completely dominated by option B (inferior in all respects) and partially dominated by option A.[\[62\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-62) - Ballot order effect, where candidates who are listed first often receive a small but statistically significant increase in votes compared to those listed in lower positions. - Cheerleader effect, the tendency for people to appear more attractive in a group than in isolation.[\[63\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-63) - Compromise effect, choices affected if presented as extreme or average[\[12\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-Dimara2020-12) - Denomination effect, the tendency to spend more money when it is denominated in small amounts (e.g., coins) rather than large amounts (e.g., bills).[\[64\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-64) - Disposition effect, the tendency to sell an asset that has accumulated in value and resist selling an asset that has declined in value. - Distinction bias, the tendency to view two options as more dissimilar when evaluating them simultaneously than when evaluating them separately.[\[65\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-65) - Less-is-better effect, the tendency to prefer a smaller set to a larger set judged separately, but not jointly. - Money illusion: The tendency to concentrate on the nominal value (face value) of money rather than its value in terms of purchasing power.[\[66\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-66) - Phantom effect: choices affected by dominant but unavailable options[\[12\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-Dimara2020-12) - Normalcy bias, a form of cognitive dissonance, is the refusal to plan for, or react to, a disaster which has never happened before. - Projection bias: The tendency to overestimate how much one's future selves will share one's current preferences, thoughts and values, thus leading to sub-optimal choices.[\[67\]](https://en.wikipedia.org/wiki/List_of_cognitive_biases?utm_source=chatgpt.com#cite_note-67) - Scope neglect or scope insensitivity, the tendency to be insensitive to the size of a problem when evaluating it. For example, being willing to pay as much to save 2,000 children or 20,000 children.