Oct 27, 2023, 10:48 AM IST
The spotlight effect refers to our tendency to feel like we are "in the spotlight" all the time. For example, it's your first day at the gym and it feels like everyone is watching you.
The anchoring effect is when the initial information influences later decisions. Example: A high initial price on a product makes a discounted price seem like a better deal.
Retrospective gambler's fallacy examples include observing several consecutive "heads" in a coin toss and inferring that the previously unknown flip was "tails" based on this information.
When we think of appearances, we frequently experience the halo effect. A classic example is the belief that someone who is physically attractive must also be intelligent, sociable, and kind.
The contrast effect distorts judgement by making something appear more or less significant when compared to a contrasting, extreme example. Example: A Rs 500 meal seems cheap after seeing a Rs 1000 option.
Confirmation bias mind trap occurs when one favors information that confirms existing beliefs. Example: A person only reads news that supports their political views and ignores opposing perspectives.
Cognitive dissonance is discomfort from conflicting beliefs. Example: A smoker may know it's unhealthy but continue due to the dissonance of enjoying smoking while knowing it's harmful.