Table 1.

Definitions for cognitive biases.

Cognitive Bias	Definition
Base Rate Neglect	Individuals focus more on specific information and ignore general information about events22
Conjunction Fallacy	Occurs when an individual thinks a specific condition is more likely than a general condition23
Sunk Cost Fallacy	Individuals are compelled to continue a behavior or efforts toward a goal because they have previously invested resources (time, money, etc.) that cannot be recovered24
Present Bias	The tendency to give stronger weight to more-immediate payoffs than long-term payoffs25
Risk Aversion	The preference to invest in an opportunity with lower returns and known risks rather than an opportunity with higher returns, but greater or unknown risk26
Information Avoidance	The preference to not to obtain knowledge that is freely available, especially if that knowledge is unwanted or unpleasant27