Decision making bias and errors

This document discusses various biases and errors that can negatively impact decision making. It outlines biases like overconfidence, where decision makers believe they know more than they actually do; anchoring effect, where too much weight is given to initial information; and confirmation bias, where decision makers only seek information confirming existing views. Other biases discussed include framing bias, availability bias, representation bias, sunk cost bias, and hindsight bias. The document emphasizes that while rules of thumb can make decisions quicker, they may not be reliable and can lead to errors and biases that impair good decision making.