Anchoring

Action Goals
Availability Bias
Decision Paralysis
Default Bias
Disposition Effect
Ego Depletion
Endowment Effect
Gamification
Goal Gradient Theory
Herding
Here’s a list of Hyperbolic Discounting
the Behavioral Lack of Self-Control
Economics Limited Attention
Loss Aversion
Principles
Mental Accounting
included in this Money Illusion
card deck Opportunity Cost Neglect
Overconfidence
Pain of Paying
Payment for Effort
Planning Fallacy
Power of Free
Pre-commitment
Procrastination
Reciprocity
Regret and Counterfactuals
Relativity
Reward Substitution
Scarcity
Self-signaling
Status Quo Bias
Sunk Cost Effect
Tunneling
What-The-Hell-Effect
You Are What You Measure
Printing Instructions for BE cards

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This PDF that is formatted so that these cards can be

printed.

Here’s how to print this PDF to create cards:

1)  Print this PDF double-sided

When you do this the BE principle will appear on the same card
as the corresponding illustration and description.

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 Anchoring Action-Goals Gap

People don’t actually do what

People are tied to their first decisions.
they intend to do.

Decision Paralysis Availability Bias

When given too many options, People tend to focus on what

people tend to make the easily comes to mind (often
easiest decision, which is often vivid or recent events) and give
no decision at all. undue weight to those events."
 Disposition Effect Default Bias

People pick the most easiest option to

Holding on to poor investments avoid complex decisions. Defaults
too long and selling good provide a cognitive shortcut and signal
investments too soon. what people are supposed to do.

Endowment Effect Ego Depletion

People’s ability to make good

decisions is based on a limited
People overvalue what they own. resource that can be drained by
decision overload and fatigue.
 Goal Gradient Theory Gamification

People like to play games and

People will work harder to achieve a they will go to great lengths
goal as the goal gets closer. playing it even if all they get are
points.

Hyperbolic+Discoun0ng+ Herding

People put an overly high value

on the here and now and an People tend to do what others are doing.
overly low value on the future.
 Limited Attention Lack of Self-Control

People can only focus on a In general, people have a hard time

limited number of things at a deciding between doing what’s good
time. This means we may miss for themselves in the future and doing
important details. what feels good right now.

Mental Accounting Loss Aversion

People categorize and treat money People try to prevent losses more
differently depending on where it
than they try to make gains.
came from and where it is going.
Opportunity Cost Neglect Money Illusion

People confuse actual dollar

People tend to ignore what they give
amounts with the buying
up when they make choices.
power of dollars.

Pain of Paying Overconfidence

Some purchases are more painful

than others, and people will try to Everyone believes they are right
avoid those types of purchases and everyone believes they are
(incremental, cash, separated as a above average.
fee, and frequent).
 Planning Fallacy Payment for Effort

People consistently People place greater value on

underestimate how long things services and products where
will take and how many they can see the amount of
resources they will require. effort put into them.

Pre-commitment Power of Free

Consequences and roadblocks

A price of zero is much more
you set up to keep yourself on
attractive than any other price,
track. These are temptation
no matter how low.
busters.
 Reciprocity Procrastination

People generally do not

People often respond to a
manage their time well and
positive action or gift by
constantly wait until the last
providing something in return.
possible moment to do anything.

Relativity Regret & Counterfactuals

People evaluate options by People’s satisfaction depends both

comparing them to what on outcomes and ideas about
else is around. what could have happened.
 Scarcity Reward Substitution

Immediate rewards, which

People are motivated by appeal to people’s impulsive
shortage. nature, for behaviors that are
actually good in the long run.

Status Quo Bias Self-Signaling

People behave in ways that

People are pretty committed to reinforce the type of person they
keeping things the way they are. believe themselves to be, even if
no one else is around to witness it.
 Tunneling Sunk Cost Effect

If it’s an emergency, we can only Once we invest in a particular

think about the emergency. path, our commitment to it grows.

You are what you measure The What-The-Hell Effect

People repeat behaviors that are

People give up on getting back
rewarded, regardless of whether those
are what causes success. on track.
These cards were developed
and designed by The Center for
Advanced Hindsight at Duke
University.

Please refer any questions to Jamie.Foehl@duke.edu

 Anchoring

These cards were developed

and designed by The Center for
People are tied to their first decisions. Advanced Hindsight at Duke
University.

Please refer any questions to Jamie.Foehl@duke.edu

Money Illusion Sunk Cost Effect

People confuse actual dollar

Once we invest in a particular
amounts with the buying path, our commitment to it grows.
power of dollars.