Tversky and Kahneman's Classic Biases and Errors:
- People give negative consequences more weight than equal positive consequences. (Negativity Bias)
- People do not deal rationally with very improbably events. (Prospect Theory)
- People ignore summary statistics in favor of concrete, anecdotal information. (Representativeness Heuristic)
- People show a “confirmation bias”.
- People overestimate the frequency of events that come readily to mind. (Availability Heuristic)