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"The Jambhavan Diaries"

Blog posts : "Cognitive Bias"

Planning Fallacy

Daniel Kahneman and Amos Tversky proposed the concept of planning fallacy in 1979. 

Picture 1: Daniel Kahneman

Source: http://www.americanpressinstitute.org/wp-content/uploads/2014/04/Kahneman.jpg

"Planning fallacy is the tendency to underestimate how long it shall take to complete a …

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Beware of Ambiguity Effect

Ambiguity effect was proposed by Daniel Ellsberg in 1961.

Ambiguity effect is a cognitive bias where decision making is affected by a lack of information or ambiguity. The effect implies that people tend to choose options for which the favourable outcome is known over an option for which a favo…

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