Anchoring bias causes people to disproportionately weigh the first information they receive when making decisions. The status quo bias means decision makers prefer alternatives that maintain the current situation. Sunk cost bias leads us to make choices justifying past decisions, even if a change would now be better. Confirmation bias causes us to subconsciously decide what to do before objectively considering reasons. Framing effects demonstrate how the presentation of a problem influences choices. Overconfidence bias results in too narrow a range of predicted possibilities compared to reality.

1. Thinking about thinking:
Hidden traps in decision making

2. Anchoring
“When considering a decision the
the mind gives disproportionate
weight to the first information it
receives.”

3. “Decision makers display a
a strong bias toward
alternatives that perpetuate
the status quo.”
Status Quo

4. Sunk-Cost
“Another of our deep-seated biases is to
to make choices in a way that
justifies past choices…”

5. “We tend to subconsciously
decide what to do before
figuring out why we want to
to do it.”
Confirming
Evidence

6. Framing
“The way a problem is
framed can profoundly
influence the
the choices
you make.”

7. Overconfidence
Perception
Reality
“Overly confident about the
the accuracy of their predictions,
most people set too narrow a
range of possibilities.”