Provide three categories of cognitive errors when making investment decisions. Expand on each category.

Errors in reasoning are often called cognitive errors. They include such errors as: (1) biases, (2) framing effects, and (3) heuristics. These categories can be expanded further:
Biases: overconfidence, over-optimism, confirmation Bias.
Framing effects: loss aversion, house money.
Heuristics: the affect heuristic, the representativeness heuristic, representativeness and randomness, the gambler's fallacy.