Biases and Traps

How are you guys keeping straight some of the different names used for similar traps/biases. For example, in some cases (this is from my notes so paraphrased): Anchoring Trap (also listed as bias) - giving 1st impression extra importance, may not give enough weight to new information. I also see similar is Belief perseverance - people dont change their mind with new information… Additionally, I think Regret Avoidance and Recallibility trap are very similar… Thoughts? I thought I remember study prep saying you could use some names in place of others and be ok, but not sure that is the case here…must be not understanding them correctly.

Actually - to correct, I think Belief Perseverance seems the same as confirming evidence trap…so I guess on these we must just remember if it ask for the TRAP name to give that otherwise it is a bias?

Belief perseverance = anchoring. They’re one in the same.

if it makes you feel a little better, on a lot of the past CFAI tests that i’ve been doing where it asks one of these, they often give you a choice of 4 or 5 of them and the choice has been fairly obvious, not 2 that look very similar.

If they say Traps - then it’s the traps and it is related to analyst. If they use biases then it’s generally for individual investors. Just look for the word trap or bias. Traps - SCRAPO Status Quo, Confirmation Bias, Recallability, Anchoring, Overoptimism Biases ROAA Representativeness Overconfidence Anchoring and Adjustment Aversion to Ambiguity