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This decision to choose the known over the unknown is an example of “the ambiguity effect.” In a nutshell, this cognitive bias occurs when people choose options that have a known probability of a favorable outcome over choices where a favorable outcome is unknown or is unpredictable.
Our brains are more likely to remember and recall negative feedback or experiences versus positive ones because of the negativity bias. As a result, our perception of the world around us could be skewed to the negative unless we actively work to counteract this natural tendency.
The Dunning-Kruger effect occurs when people believe that they are smarter, more capable, and higher-performing than they really are.
The availability heuristic allows us to make decisions quickly and solve problems based on our past experiences and the information we have learned and stored in our memory banks for quick access.
Attribution bias can often lead to faulty decision making because it fundamentally miscategorizes the cause of an action, which then leads us to make decisions based on that incorrect assumption.