Recency Bias.

Recency Bias.

This week we are going to examine what is known as Recency Bias. According to an article published in Morningstar by Michael M. Pompian, author of Behavioral Finance and Wealth Management, “Recency bias occurs when people more prominently recall and emphasize recent...
Outcome Bias.

Outcome Bias.

This week we are going to examine what is known as Outcome Bias. According to Michael M. Pompian, author of Behavioral Finance and Wealth Management, “Outcome bias refers to the tendency of individuals to decide to do something—such as make an investment in a mutual...
Self-attribution Bias

Self-attribution Bias

Self-attribution bias is a long-standing concept in psychology research and refers to individuals’ tendency to attribute successes to personal skills and failures to factors beyond their control. Recently, this bias is also being studied in household finance research...
Availability Bias

Availability Bias

This week we are going to examine what is known as Availability Bias. An article in Business Insider reminds us that “Anyone who took an introductory psychology class probably remembers the classic study in which different people witnessing the same crime each report...
Framing Bias.

Framing Bias.

This week we are going to examine what is known as Framing Bias. The following example of framing bias was written by Steven Novella and published in Neurologica Blog. “Let’s say you need a surgical procedure and the surgeon tells you there is a 98% survival rate with...
Anchoring and Adjustment Bias.

Anchoring and Adjustment Bias.

This week we are going to examine what is known as Anchoring and Adjustment Bias. Source: Towergate Insurance When negotiating the price of an item we are often swayed when we feel we’re getting a bargain. Make sure to consider if the price is actually reasonable for...
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