Hot Hand Fallacy
The mistaken belief that a person who has experienced success in a random event has a higher probability of further success in additional attempts.
23 topics found for
“choice environment design”
Decision Staging
The process of breaking down decisions into smaller, manageable stages to simplify the decision-making process.
Bounded Rationality
A concept that humans make decisions within the limits of their knowledge, cognitive capacity, and available time, leading to satisficing rather than optimal solutions.
Anchoring
Anchoring (also known as Focalism) is a cognitive bias where individuals rely heavily on the first piece of information (the "anchor") when making decisions.
Placing Bets
A strategic approach where multiple potential solutions are tested to identify the most promising one.