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Theoretical Foundations of Cognitive Biases

  • Sebastian Serfas

Abstract

This chapter conveys a basic understanding of cognitive biases and their underlying theoretical foundations. The first part of this chapter describes the fundamentals of psychology in general and cognitive psychology in particular. The second part introduces the ‘heuristics and biases’ approach and discusses cognitive biases that result from three fundamental heuristics. Subsequently, a selection of further relevant biases is described. The fourth part finally critically discusses the most frequently raised critiques that the ‘heuristics and biases’ approach is confronted with.

Keywords

Cognitive Bias Prospect Theory Loss Aversion Hindsight Bias Anchor Effect 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Gabler Verlag | Springer Fachmedien Wiesbaden GmbH 2011

Authors and Affiliations

  • Sebastian Serfas

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