BP Biases: R I C C H > Here you begin with a belief - say your prediction/forecast
Rep - Ignore Base rate, Ignore Sample Size - - stick with your BS (Belief System).
IC - Mistake Quantity of Info for Quality of it - - stick with your BS
Conserve - Totally agree with Base rates - - stick with your BS
Confirm - You Take the Base Rate to the extent it confirms - stick with your BS
HindSight - You do not add lesson learnt - stick with your BS
Whereas, IP Biases: AA MA F AV Do not assume a belief system.
AA - Look at the news and randomly say its price is going to be 52 week high. You pretend to have computed the anchor point rationally
MA - You take your investment and construct a portfolio but less than rationally
F - You look for information but skew your decision based on how the information is presented not baed on your fundamental research
AV - You predict based on your most recent recollection
HTH - Pls add/correct where necessary