Source: Business Insider
20 Cognitive Biases That Screw Up Your Decisions
September 22, 2015 9:15am by Barry Ritholtz
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Normative Bias is another. In a video of the Japanese tsunami, a woman is fleeing the tidal wave and fails to make it to the safety of the steps by just a few meters before being swept away by the flood water and consequently killed. The whole time she is clutching her umbrella and handbag while people are yelling at her to drop them. But she’s so ingrained with the concept of not throwing away one’s possessions she can’t grasp the idea even to save her own life.
A great start that contains an unstated bias in its design: Ordinal ordering. Enumerating the biases strongly suggests the 1st is most important and the 20th least without any suggestion of what that importance might be based on. Further the top to bottom block graphic ignores information processing stages – i.e. perception, computation, action, reflection – and hence misses the natural temporal ordering of a number of the biases in relation to each other as well as a hierarchical ordering of how certain collections of biases affect each other.
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ADMIN: You seem to be confused by a list that in alphabetical order !
Thanks for point that out. (Duh on my part.) And it still begs the question: Why are they numbered as well? And then there is the question of how useful an alphabetical listing is.
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ADMIN: Humans like #numbers — see item 43 on our list