Cognitive Biases
Cognitive biases are systematic patterns of deviation from rationality in judgment and decision-making. They arise due to the brain's tendency to take mental shortcuts (heuristics) when processing information. While these shortcuts help us make quick decisions, they can also lead to errors in thinking.
Types of Cognitive Biases
Here are some common cognitive biases:
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Confirmation Bias – The tendency to search for, interpret, and remember information that confirms preexisting beliefs while ignoring contradictory evidence.
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Anchoring Bias – Relying too heavily on the first piece of information encountered (the "anchor") when making decisions.
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Availability Heuristic – Overestimating the importance of information that comes to mind easily, often because of recent exposure or emotional impact.
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Overconfidence Bias – Placing too much confidence in one’s own knowledge, skills, or predictions.
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Hindsight Bias – Seeing past events as more predictable than they were at the time.
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Loss Aversion – Preferring to avoid losses rather than acquiring equivalent gains (e.g., fearing a £50 loss more than valuing a £50 gain).
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Dunning-Kruger Effect – People with low ability in a domain tend to overestimate their competence, while highly skilled individuals may underestimate theirs.
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Survivorship Bias – Focusing on successful cases while ignoring failures, leading to an overly optimistic view of outcomes.
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Halo Effect – The tendency to let a single positive trait influence overall perception of a person or thing.
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Recency Bias – Giving more weight to recent events over earlier ones when making judgments.
Why Do Cognitive Biases Exist?
Cognitive biases are the result of:
- Evolutionary Adaptations – The brain evolved to make quick decisions for survival rather than perfect ones.
- Information Overload – The mind simplifies complex information to process it efficiently.
- Emotional Influence – Feelings often override logic in decision-making.
How to Reduce Cognitive Biases
- Awareness – Recognizing biases is the first step to overcoming them.
- Seeking Contradictory Evidence – Actively challenge your assumptions.
- Using Data and Logic – Base decisions on objective facts rather than intuition.
- Taking Time to Reflect – Avoid making impulsive decisions.