Purchasing decisions
Confirmation Bias
Awareness of confirmation bias can help you make more objective choices when comparing products and services.
Framing Effect
Understanding the framing effect can help you evaluate products and services more objectively, regardless of how they are presented.
Loss Aversion
Recognizing loss aversion can help you avoid overvaluing items you own, leading to more objective evaluations of whether to replace or upgrade possessions.
Sunk Cost Fallacy
Recognizing the sunk cost fallacy can help you avoid buying unnecessary items or upgrades just because you've already spent money on related products or services.
Decoy Effect
Understanding the decoy effect can help you make more informed choices when comparing products or services by focusing on the features that truly matter to you.
Correlation-Causation Fallacy
Knowing the correlation-causation fallacy can help you make more informed choices when buying products or services, considering multiple factors that may contribute to observed correlations.
Clustering Bias/Illusion
Recognizing clustering bias can help you make more informed choices when buying products or services, without assuming that a series of positive or negative reviews indicates a pattern.
Hedonic Treadmill
Realizing that buying new items (like clothes or gadgets) brings temporary joy can help you prioritize experiences or investments that offer long-lasting satisfaction, like travel or learning.
Similar Situations
Monty Hall Problem
Shopping: (Topic: Deep probability Understanding) Comparing products and vendors to make informed purchasing decisions based on reviews and return policies.
Halo Effect
Evaluating products: Recognizing the halo effect can help you make more objective purchasing decisions, without being swayed by brand reputation.
Osborne Effect
Personal investments: Timing investment decisions, such as purchasing stocks or real estate, by considering the potential impact of upcoming developments.
Decoy Effect
Car Purchasing: Recognizing the decoy effect can help you make more informed decisions when comparing vehicles, by focusing on the features that matter most to you.
Depth-First Search
Shopping for a major purchase: DFS can help you research and evaluate one product category in depth before moving on to the next, ensuring you make well-informed purchasing decisions.
Self-Serving Bias
Shopping: Being aware of self-serving bias helps in making more rational purchasing decisions, avoiding the trap of justifying wasteful spending due to emotional or situational bias.
Bandwagon Effect
Consumer choices: Recognizing the bandwagon effect can help you make more informed purchasing decisions based on your needs and preferences, rather than being swayed by popular trends.
Erikson's stages of Development
Healthcare Decisions: Patients and healthcare providers can consider the psychosocial impact of medical decisions.
Anchoring
Health decisions: Avoid anchoring your expectations on a single medical opinion and seek multiple perspectives before making decisions.
Confirmation Bias
Parenting decisions: Awareness of confirmation bias can help parents make more balanced decisions about their children's education, activities, and discipline.