Inductive reasoning

Inductive reasoning permits a conclusion to be false. An example would be; Mary is a grandmother. Mary has gray hair. All grandmothers have gray hair. This is an example of inductive reasoning, a person is stating things in a specific point and having a general conclusion that may be bias or false.

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Hindsight bias

Research shows that hindsight bias is a product of the normal workings of human memory. When we learn something new, we immediately connect it to other, related knowledge stored in our memories. These connections strengthen one another, making us believe we “knew it all along”. Hindsight bias has been thoroughly researched because it is believed to affect the way we make decisions.

Confirmation Bias

Here’s a short video on confirmation bias: it reminds me of the Bank of America ATM next door to my job, people are constantly  getting stuck inside! (but that’s beside the point).

Confirmation bias is a thought process that goes on making us think we are always correct. We also form opinions without hearing all sides of the story and learning all details. And as we all know that’s not the best way to make judgments. It is important to stay clear of forming a solid judgment of a situation before learning all about it that you possibly can. This is why we also “cannot judge a book by its cover”

Analogical Reasoning

This is a cool video breaking down analogical reasoning. Analogical reasoning is any type of thinking that relies upon an analogy. An analogy is a comparison between two objects, or systems of objects, that highlights respects in which they are thought to be similar. This video explains that much simpler then words can.

Sunk Cost Effect

This picture shows exactly what sunk costs effects are. It is so true. I even do that with my house plants because I am so attached to them. Even when they are dead, I talk to them and continue to water them because I believe I am helping the dead plant. It is true that I feel like I’m saving something that is dead which validates the fact that I am not capable of killing a ridiculous plant. Needless to say, I stopped buying them.