54. Cognitive biases in risk management – Framing – Alex Sidorenko

The framing effect is an example of cognitive bias, in which people react to a particular choice in different ways depending on how it is presented; e.g. as a loss or as a gain.[1] People tend to avoid risk when a positive frame is presented but seek risks when a negative frame is presented.[2] Gain… Continue reading 54. Cognitive biases in risk management – Framing – Alex Sidorenko

53. Cognitive biases in risk management – Semmelweis reflex – Alex Sidorenko

The Semmelweis reflex or “Semmelweis effect” is a metaphor for the reflex-like tendency to reject new evidence or new knowledge because it contradicts established norms, beliefs or paradigms. The term originated from the story of Ignaz Semmelweis, who discovered that childbed fever mortality rates reduced ten-fold when doctors washed their hands with a chlorine solution… Continue reading 53. Cognitive biases in risk management – Semmelweis reflex – Alex Sidorenko