This experimental study investigates the interaction of two influential factors of biased probability judgments. Results provide new insights on the preconditions for an application of either the gambler's fallacy or its exact opponent, the hot hand fallacy. The first factor is cognitive...

Companies are increasingly adopting Artificial Intelligence (AI) today. Recently however debates started over the risk of human cognitive biases being replicated (and scaled) by AI. Research on biases in AI predicting consumer choice is incipient and focuses on observable biases. We provide a...

The main purpose of this study is to classify the 20 biases into different groups (factors) and estimate each of them according to the variables of rational, experiential-affective, risky investment intention, and financial literacy. Behavioral finance, which combines the concepts and approaches...

The confirmation bias is a well-known form of motivated reasoning that serves to protect an individual from cognitive discomfort. Hearing rival viewpoints or belief-opposing information creates cognitive dissonance, and so avoiding exposure to, or discounting the validity of, dissonant...