Cognitive Biases and Fallacies

Study Notes

Two systems of thinking: System 1 is fast and intuitive, while System 2 is slow and logical.
Priming effect influences associative memory by making it easier to retrieve information that has been primed.
Cognitive ease is the subjective experience of ease with which information comes to mind and can be used to create persuasive messages.
The law of small numbers and the bias of confidence over doubt are related and involve making judgments based on limited information.
Anchoring effect influences both System 1 and System 2 and involves people's judgments being influenced by an initial anchor value.
Conjunction fallacy is the tendency to judge specific conjunctions of events as more probable than a single event that encompasses both events.
Regression to the mean effect refers to the tendency for extreme scores on one variable to be associated with less extreme scores on another variable.
Illusion of understanding, WYSIATI, illusion of inevitability, and illusion of certainty are related and involve overconfidence in one's own abilities.
Illusion of validity, illusion of skill, and illusion of stock-picking skill are related and involve overconfidence in one's own abilities.
Equations and formulas are more reliable than human judgment and intuition but are not always applicable or appropriate in every situation.

Description

This quiz will test your knowledge on various cognitive biases and heuristics that affect our decision-making processes. From the anchoring effect to the illusion of certainty, these biases can lead to errors in judgment and affect our ability to make rational decisions. You'll learn about the different systems of thinking, priming effect, cognitive ease, and more. So, sharpen your critical thinking skills and test your understanding of cognitive biases with this quiz.