More than two hundred specific cognitive biases have been documented. Most fall into a smaller number of broad categories that organize the underlying patterns.
Confirmation bias is the tendency to seek, notice, and remember evidence that confirms existing beliefs, while discounting or ignoring evidence that contradicts them. This is one of the most pervasive biases and one of the most consequential. It produces the felt sense of having considered the evidence when in fact the consideration was selective. People with strong existing beliefs find their beliefs confirmed by evidence they would not have considered confirmatory if they held the opposite view.
Availability bias is the tendency to weight information that comes easily to mind more heavily than information that does not, regardless of which information is actually more relevant or representative. Vivid examples, recent events, and emotionally charged stories come to mind more easily than statistical patterns and base rates, even when the statistics are more accurate. The result is judgment that is shaped more by what is memorable than by what is true. See also: What Is Pattern Recognition.
Anchoring is the tendency to weight initial information disproportionately in subsequent judgments. The first number considered influences subsequent estimates even when the first number is acknowledged to be irrelevant. The first impression of a person shapes subsequent interpretation of their behavior. The opening offer in a negotiation influences the eventual settlement. Anchoring operates even when people are aware of it and trying to avoid it.
Loss aversion is the tendency to weight potential losses more heavily than equivalent potential gains. Research by Kahneman and Tversky documented that losses are felt approximately twice as strongly as gains of the same magnitude. This produces decisions that prioritize avoiding losses even when accepting some risk would produce better expected outcomes. See also: What Is Logic.
Sunk cost bias is the tendency to continue commitments because of past investment rather than because of future expected returns. The person who has invested heavily in a failing project, relationship, or position often continues investing rather than acknowledging the loss and redirecting resources to better alternatives. The investment is gone regardless of what happens next, but the felt experience treats it as recoverable through continued commitment.
Hindsight bias is the tendency to perceive past events as more predictable than they actually were. After an event occurs, the explanation seems obvious and the prediction seems straightforward. Before the event, the prediction would have been one of many plausible alternatives. Hindsight bias produces overconfidence about prediction and underweighting of how much of the past was actually uncertain at the time.
Fundamental attribution error is the tendency to attribute others’ behavior to their character while attributing one’s own behavior to circumstances. When others behave badly, they are bad people. When we behave badly, we were having a hard day. The asymmetry produces systematic distortions in how we interpret others compared to how we interpret ourselves. See also: What Is Self-Deception.
Overconfidence bias is the tendency to overestimate the accuracy of one’s own judgments, knowledge, and predictions. Most people rate themselves as above average on most positive dimensions, which is statistically impossible. Most people are more certain of their conclusions than the evidence supports. The overconfidence is consistent across populations and persists even when feedback would have allowed calibration.