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>Charlie Munger (Warren Buffett's partner) has kept a long-running list of psychological tendencies that commonly affect people's judgment. There's one item on this list that he's termed "Availability-Misweighing Tendency." In a nutshell, it's an observation that people tend to overweigh extra-vivid evidence, which (necessarily) means under-weighing evidence that isn't so vivid.

http://en.wikipedia.org/wiki/Availability_heuristic

>a long-running list of psychological tendencies that commonly affect people's judgment.

These are usually called cognitive biases. Wikipedia has a long list, though Charlie's may be longer. (I haven't seen it.)



Wikipedia's list (http://en.wikipedia.org/wiki/List_of_cognitive_biases) is indeed longer. Charlie claims to have about 100 models that he makes use of, but he's only published the ones he finds the most useful, and only a handful of those are cognitive biases.


A great book on the subject is Thinking Fast and Slow.




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