|
Well Travelled Road Effect
The well travelled road effect is a cognitive bias in which travellers will estimate the time taken to traverse routes differently depending on their familiarity with the route. Frequently travelled routes are assessed as taking a shorter time than unfamiliar routes. This effect creates errors when estimating the most efficient route to an unfamiliar destination, when one candidate route includes a familiar route, whilst the other candidate route includes no familiar routes. The effect is most salient when subjects are driving, but is still detectable for pedestrians and users of public transport. The effect has been observed for centuries but was first studied scientifically in the 1980s and 1990s following from earlier "heuristics and biases" work undertaken by Daniel Kahneman and Amos Tversky. Much like the Stroop task, it is hypothesised that drivers use less cognitive effort when traversing familiar routes and therefore underestimate the time taken to traverse the familiar rout ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cognitive Bias
A cognitive bias is a systematic pattern of deviation from norm (philosophy), norm or rationality in judgment. Individuals create their own "subjective reality" from their perception of the input. An individual's construction of reality, not the Objectivity (philosophy), objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, and irrationality. While cognitive biases may initially appear to be negative, some are adaptive. They may lead to more effective actions in a given context. Furthermore, allowing cognitive biases enables faster decisions which can be desirable when timeliness is more valuable than accuracy, as illustrated in Heuristic (psychology), heuristics. Other cognitive biases are a "by-product" of human processing limitations, resulting from a lack of appropriate mental mechanisms (bounded rationality), the impact of an individual's constitution and bi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daniel Kahneman
Daniel Kahneman (; ; March 5, 1934 – March 27, 2024) was an Israeli-American psychologist best known for his work on the psychology of judgment and decision-making as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences together with Vernon L. Smith. Kahneman's published empirical findings challenge the assumption of human rationality prevailing in modern economic theory. Kahneman became known as the "grandfather of behavioral economics." With Amos Tversky and others, Kahneman established a cognitive basis for common human errors that arise from heuristics and biases, and developed prospect theory. In 2011, Kahneman was named by ''Foreign Policy'' magazine in its list of top global thinkers. In the same year, his book '' Thinking, Fast and Slow'', which summarizes much of his research, was published and became a best seller. In 2015, ''The Economist'' listed him as the seventh most influential economist in the world. Kah ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amos Tversky
Amos Nathan Tversky (; March 16, 1937 – June 2, 1996) was an Israeli cognitive and mathematical psychologist and a key figure in the discovery of systematic human cognitive bias and handling of risk. Much of his early work concerned the foundations of measurement. He was co-author of a three-volume treatise, ''Foundations of Measurement''. His early work with Daniel Kahneman focused on the psychology of prediction and probability judgment; later they worked together to develop prospect theory, which aims to explain irrational human economic choices and is considered one of the seminal works of behavioral economics. Six years after Tversky's death, Kahneman received the 2002 Nobel Memorial Prize in Economic Sciences for work he did in collaboration with Amos Tversky. While Nobel Prizes are not awarded posthumously, Kahneman has commented that he feels "it is a joint prize. We were twinned for more than a decade." Tversky also collaborated with many leading researchers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stroop Task
In psychology, the Stroop effect is the delay in reaction time between neutral and incongruent stimuli. The effect has been used to create a psychological test (the Stroop test) that is widely used in clinical practice and investigation. A basic task that demonstrates this effect occurs when there is an incongruent mismatch between the word for a color (e.g., ''blue'', ''green'', or ''red'') and the font color it is printed in (e.g., the word ''red'' printed in a blue font). Typically, when a person is asked to name the font color for each word in a series of words, they take longer and are more prone to errors when words for colors are printed in incongruous font colors (e.g., it generally takes longer to say "blue" in response to the word ''red'' in a blue font, than in response to a neutral word of the same length in a blue font, like ''kid''). The effect is named after John Ridley Stroop, who first published the effect in English in 1935. The effect had previously been publis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Experience Curve Effects
In industry, models of the learning or experience curve effect express the relationship between experience producing a good and the efficiency of that production, specifically, efficiency gains that follow investment in the effort. The effect has large implications for costs and market share, which can increase competitive advantage over time. History: from psychological learning curves to the learning curve effect An early empirical demonstration of learning curves was produced in 1885 by the German psychologist Hermann Ebbinghaus. Ebbinghaus was investigating the difficulty of memorizing verbal stimuli. He found that performance increased in proportion to experience (practice and testing) on memorizing the word set. (More detail about the complex processes of learning is discussed in the Learning curve article.) Wright's law and the discovery of the learning curve effect This was later more generalized to: The more times a task has been performed, the less time is required ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accuracy And Precision
Accuracy and precision are two measures of ''observational error''. ''Accuracy'' is how close a given set of measurements (observations or readings) are to their ''true value''. ''Precision'' is how close the measurements are to each other. The International Organization for Standardization (ISO) defines a related measure: ''trueness'', "the closeness of agreement between the arithmetic mean of a large number of test results and the true or accepted reference value." While ''precision'' is a description of ''random errors'' (a measure of statistical variability), ''accuracy'' has two different definitions: # More commonly, a description of ''systematic errors'' (a measure of statistical bias of a given measure of central tendency, such as the mean). In this definition of "accuracy", the concept is independent of "precision", so a particular set of data can be said to be accurate, precise, both, or neither. This concept corresponds to ISO's ''trueness''. # A combination of both ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Availability Heuristic
The availability heuristic, also known as availability bias, is a mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision. This heuristic, operating on the notion that, if something can be recalled, it must be important, or at least more important than alternative solutions not as readily recalled, is inherently biased toward recently acquired information. The mental availability of an action's consequences is positively related to those consequences' perceived magnitude. In other words, the easier it is to recall the consequences of something, the greater those consequences are often perceived to be. Most notably, people often rely on the content of their recall if its implications are not called into question by the difficulty they have in recalling it. Overview and history In the late 1960s and early 1970s, Amos Tversky and Daniel Kahneman began work on a series of papers examining ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Cognitive Biases
Cognitive biases are systematic patterns of deviation from norm and/or rationality in judgment. They are often studied in psychology, sociology and behavioral economics. Although the reality of most of these biases is confirmed by reproducible research, there are often controversies about how to classify these biases or how to explain them. Several theoretical causes are known for some cognitive biases, which provides a classification of biases by their common generative mechanism (such as noisy information-processing). Gerd Gigerenzer has criticized the framing of cognitive biases as errors in judgment, and favors interpreting them as arising from rational deviations from logical thought. Explanations include information-processing rules (i.e., mental shortcuts), called ''heuristics'', that the brain uses to produce decisions or judgments. Biases have a variety of forms and appear as cognitive ("cold") bias, such as mental noise, or motivational ("hot") bias, such as when bel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Weber–Fechner Law
The Weber–Fechner laws are two related scientific law, scientific laws in the field of psychophysics, known as Weber's law and Fechner's law. Both relate to human perception, more specifically the relation between the actual change in a physical Stimulus (physiology), stimulus and the perceived change. This includes stimuli to all senses: vision, hearing, taste, touch, and smell. Ernst Heinrich Weber states that "the minimum increase of stimulus which will produce a perceptible increase of sensation is proportionality (mathematics), proportional to the pre-existent stimulus," while Gustav Fechner's law is an inference from Weber's law (with additional assumptions) which states that the intensity of our sensation increases as the logarithm of an increase in energy rather than as rapidly as the increase. History and formulation of the laws Both Weber's law and Fechner's law were formulated by Gustav Fechner, Gustav Theodor Fechner (1801–1887). They were first published in 18 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
