24 Standard Causes of Human Misjudgment according to Charlie Munger:

1. Under-recognition of the power of incentives
2. Simple psychological denial
3. Incentive-caused bias
4. & 5. Bias from consistency and commitment tendency
6. Bias from Pavlovian association (misconstruing past correlation as a reliable basis for decision making)
7. Bias from reciprocation tendency, including the tendency of one on a roll to act as other persons expect
8. Bias from over-influence by social proof (the conclusions of others)
9. Bias from contrast caused distortions of sensation, perception and cognition
10. Bias from over-influence by authority
11. Bias from deprival super reaction syndrome, including bias caused by present or threatened scarcity, including threatened removal of something almost possessed but never possessed
12. Bias from envy/jealousy
13. Bias from chemical dependency
14. Bias from mis-gambling compulsion
15. Bias from liking distortion
16. Bias from disliking distortion
17. Man with a hammer syndrome
18. Bias from the non-mathematical nature of the human brain in its natural state as it deals with probabilities employing crude heuristics
19. Bias from over-influence by extra vivid evidence
20. Mental confusion caused by information not arrayed in the mind and theory structures creating sound generalizations, developed in response to the question why
21. Other normal limitations of sensation, memory, cognition and knowledge
22. Stress-induced mental changes
23. Other common mental illnesses and declines, temporary and permanent
24. Say-something syndrome

Charlie Munger shared this list with us in his speech on the Psychology of Human Misjudgment, given at Harvard University in 1995.

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