Cognitive Bias
Cognitive Bias
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Essentially, cognitive biases help humans find mental shortcuts to assist in the
navigation of daily life, but may often cause irrational interpretations and
judgments.
Cognitive biases often stem from problems related to memory, attention and
other mental mistakes. They're often unconscious decision-making processes
that make it easy for individuals to be affected without intentionally realizing it.
The filtering process and coping mechanism used to process large amounts of
information quickly is called heuristics.
Cognitive bias as a concept was first introduced by Amos Tversky and Daniel
Kahneman in 1972. It may not be possible to completely eliminate the brain's
predisposition to taking shortcuts but understanding that biases exist can be
useful when making decisions.
Although
it may be impossible to eliminate the human brain's predisposition to taking shortcuts,
cognitive biases can be useful for the decision-making process.
Types of cognitive bias
A continually evolving list of cognitive biases has been identified over the last
six decades of research on human judgment and decision-making in cognitive
psychology, social psychology and behavioral economics. They include the
following:
Anchoring bias. The tendency for the brain to rely too much on the
first information it received when making decisions.
Bias blind spot. The tendency for the brain to recognize another's
bias but not its own.
Sunk cost effect. Also called the sunk cost fallacy, this is the
tendency for the brain to continue investing in something that clearly
isn't working in order to avoid failure.
Individuals should try their best to stay away from these signs, as they all
affect -- at a base rate -- how that person interprets the world around them.
Even if an individual is objective, logical and can accurately evaluate their
surroundings, they still should be wary of adapting any new unconscious
cognitive biases.
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