Can anyone help me distinguish between the below biases?
Conservatism vs. Achoring
Loss Aversion vs. Regret Aversion
Illusion of control vs. overconfidence
Representation vs. Availability
if anyone has cracked the code on these, would love your insight.
Conservatism = u stick to ur previous belief and dnt like to change. It is cognitive belief persv
Anchor = u adjust weights based on information u mentioned first in the paragraph. It is cognitive info processing
Loss aversion= u hold losing position too much or sell gains too early
regret is regret … U either regret what you did (comission) or u dnt (ommission) … Both loss and regret are emotional.
Illusion of control: excessive trading and high risk and u think u own it all … (belief persiv cognitive)
Overconf: have some cognitivr but more emotional. Has predictive and certainty bias. Ur sure abt what ur doin altho (-) results
Representative: based on small sample or base rate u base all ur hopes on (cognitive)
Availability: based on how easy you get the info, how u categorize, or chanel them.
I hope this helps…
Yes. Gracias.