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In psychology and cognitive science, a memory bias is a cognitive bias that either enhances or impairs the recall of a memory (either the chances that the memory will be recalled at all, or the amount of time it takes for it to be recalled, or both), or that alters the content of a reported memory. There are many types of memory bias, including:
The illusory truth effect has also been linked to hindsight bias, in which the recollection of confidence is skewed after the truth has been received. In a 2015 study, researchers discovered that familiarity can overpower rationality and that repetitively hearing that a certain statement is wrong can paradoxically cause it to feel right. [ 4 ]
Truth-default theory (TDT) is a communication theory which predicts and explains the use of veracity and deception detection in humans. It was developed upon the discovery of the veracity effect - whereby the proportion of truths versus lies presented in a judgement study on deception will drive accuracy rates.
In truth, actual investors face cognitive limitations from biases, heuristics, and framing effects. A fair jury trial, for example, requires that the jury ignore irrelevant features of the case, weigh the relevant features appropriately, consider different possibilities open-mindedly and resist fallacies such as appeal to emotion.
For example, confirmation bias produces systematic errors in scientific research based on inductive reasoning (the gradual accumulation of supportive evidence). Similarly, a police detective may identify a suspect early in an investigation but then may only seek confirming rather than disconfirming evidence.
Persuasive definition – purporting to use the "true" or "commonly accepted" meaning of a term while, in reality, using an uncommon or altered definition. (cf. the if-by-whiskey fallacy) Ecological fallacy – inferring about the nature of an entity based solely upon aggregate statistics collected for the group to which that entity belongs.
The subjects, however, exhibited a belief bias, evidenced by their tendency to reject valid arguments with unbelievable conclusions, and endorse invalid arguments with believable conclusions. Instead of following directions and assessing logical validity, the subjects based their assessments on personal beliefs.
The availability heuristic, also known as availability bias, is a mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision.