7 docs tagged with "Biases"

System one vs system two thinking.

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In Game Theory this is any interaction between two or more players in which each player's payout is influenced by their own and others' decisions.

Why do we value immediate rewards more than long-term rewards?

Why do we place disproportionately high value on things we helped to create?

The pain of losing feels twice much worse than the pleasure of gaining.

Reciprocity bias describes the impulse to reciprocate actions others have done towards us. The desire to return favours, pay back debts and treat others well could have been a decisive evolutionary advantage for humans as it engenders cooperation. However, reciprocity bias can also work in reverse — in response to unfriendly actions, people will deliver back other unfriendly actions!