Anyone have any tips/catchy ways to help remember all of these biases? I am having a majorly hard time keeping them straight!
Thanks!
I remember them as
Behavioral = LOSERS (Loss Aversion, Overconfidence, Self-Control, Endowment, Regret Aversion, Status Quo)
Cognitive = FAMA (it’s from level 2 French and Fama multifactor model lol: Framing, Anchoring, Mental Accounting, Availability)
And this one is ugly but it stuck somehow also under cognitive
CONCONCONHINDREP
Confirmation, Conservatism, illusion of Control, Hindsight, Representativeness
You have to think of the pokemon song… gotta catch em all
The challenge is not remembering names of biases but identifying them given a case. I made 15 flashcards with a definition for each and then allocated specific examples from topics tests and past exams to corresponding biases. This way I also tallied most recurring biases. In the exam chances are same examples will pop up and you’ll recognize the bias.
The mnemonics are only good to distinguish between emotional and cognitive, nothing more. Potentially worth 3 marks.
I strongly agree with Krok on this one.