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mental shortcuts
Also known as: mental shortcuts, mental shortcut, cognitive shortcuts
Facts (10)
Sources
Behavioral Economics: Everyday Biases That Shape Money Choices verifiedinvesting.com 2 facts
claimMental shortcuts, or cognitive biases, are inevitable in financial decision-making contexts ranging from grocery shopping to stock trading, and they can either assist or impede financial outcomes.
perspectiveBehavioral economics posits that emotions and mental shortcuts influence both investments and routine money management.
The Impact of Cognitive Biases on Professionals' Decision-Making frontiersin.org 2 facts
accountEarly papers on cognitive bias in medical decision-making, such as those by Dawson and Arkes (1987), Elstein (1999), and Redelmeier (2005), primarily utilized narrative reviews to describe how cognitive shortcuts can lead physicians to make poor decisions like wrong diagnoses.
claimMental shortcuts during information processing contribute to diagnostic errors, as supported by evidence from Schnapp et al. (2018).
Virtue Epistemology - Stanford Encyclopedia of Philosophy plato.stanford.edu Jul 9, 1999 1 fact
claimFairweather and Montemayor (2014) argue that heuristics are more reliable than traditional inferential patterns that people tend to misuse, countering the claim that heuristics are unreliable mental shortcuts.
Consumer Behavior | Psychology Today psychologytoday.com 1 fact
claimMarketers utilize cognitive shortcuts, known as heuristics, to influence consumer purchasing decisions.
Mind Over Money: Behavioral Economics and Financial Decision ... linkedin.com Dec 9, 2024 1 fact
claimThe availability heuristic is a mental shortcut where people assess the probability of an event based on how easily examples come to mind, such as overestimating the likelihood of stock market crashes after recently hearing about them.
Behavioral Finance: The Psychology Behind Financial Decisions - Ava meetava.com Aug 8, 2024 1 fact
claimBehavioral finance posits that humans are prone to mental shortcuts and emotional influences that lead to systematic errors and suboptimal financial outcomes.
Read This Story to Learn How Behavioral Economics Can Improve ... ama.org Dec 1, 2018 1 fact
accountRavi Dhar observes that professors hiring new employees often use mental shortcuts, such as focusing on trivial information like a shared alma mater, while believing they are processing the decision carefully.
Exploring the Psychology and Emotions Behind Decision Making savefirstfinancial.org Mar 12, 2024 1 fact
claimCognitive biases, defined as mental shortcuts that influence judgment, impact financial choices.