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Exam details
Confirmation bias is the tendency to search for, interpret, and remember information that confirms one's pre-existing beliefs while ignoring contradictory evidence. Example: only reading news sources that align with your political views.
Anchoring bias occurs when people rely too heavily on the first piece of information encountered (the "anchor") when making decisions. Example: a high initial price makes a subsequent discount seem like a great deal.
The availability heuristic is the tendency to judge the likelihood of events based on how easily examples come to mind. Example: overestimating the risk of shark attacks because they receive heavy media coverage.
The Dunning-Kruger effect is a cognitive bias in which people with low ability overestimate their competence, while highly skilled individuals tend to underestimate theirs. It reflects a lack of metacognitive ability.
Hindsight bias is the tendency to believe, after an event has occurred, that one would have predicted it beforehand. Also called the "I-knew-it-all-along" effect.