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Cognitive Bias

Definition 1

Assessment of the selection of a decision option not conforming to norms, formal logic or external “rules.” (See Availability Bias, Representativeness, Optimism Bias and Confirmation Bias.)

Source: Behavioral Science Lab, 2017

Definition 2

A cognitive bias (e.g. Ariely, 2008) is a systematic (non-random) error in thinking, in the sense that a judgment deviates from what would be considered desirable from the perspective of accepted norms or correct in terms of formal logic.

Source: Behavioral Economics

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