Common biases and errors in decision making

Overconfidence bias - the tendency to overestimate the probability that one's judgement in arriving at a decision is correct.

Anchoring bias - A tendency to fixate on initial information, from which one then fails to adequately adjust for subsequent information.

Confirmation bias - the tendency to seek out information that reaffirms past choices and to discount information that contradicts past judgements.

Availability bias - the tendency for people to base their judgements on information that is readily available to them.