Framing Effect – Definition The framing effect is a form of cognitive bias that affects decision-making. You can ask a question or present facts and data differently with the framing effect. For example, if surgery has 20% risks, you can frame this information as “80%-risk free” or “20% risk.” The framing effect will lead people […]
Tag Archives: Neuroeconomics
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Nov
Hindsight bias is a cognitive bias that causes individuals to believe that past events were predictable even though they were not. This type of thinking can cause an individual to ignore information or fail to explore all available options fully. Hindsight bias is related to the “hindsight illusion” concept-the belief that we possess more knowledge […]