Bounded Irrationality or Decision Making Traps

1. Anchoring

When considering a decision, our minds are unduly influenced by the first information we find. Initial impressions and data anchor subsequent judgments.

2. Confirmation

Through selective search and perception, we subconsciously seek data that supports our existing point of view, and avoid contradictory evidence.

3. Memorability

We are overly influenced by recent or dramatic events. Repetition from one or multiple sources can also influence belief, memory, and judgment.

4. Status quo

Decision makers exhibit a strong bias toward conservatism, inertia and alternatives that perpetuate the status quo. We look for reasons to do nothing.

5. Sunk cost

Unwilling, consciously or not, to admit past mistakes, we make decisions in a way that justifies past choices.

From Ambient Findability (pg. 157)