A cognitive bias is a systematic error in thinking that affects the decisions and judgments made by individuals. It can arise from various sources, such as personal experiences, preconceptions, emotions, and socialinfluences.
Here are some examples of cognitivebiases:
- Confirmation Bias: The tendency to seek out and interpret information in a way that supports one's pre-existing beliefs, while disregarding information that contradictsthem.
- Availability Bias: The tendency to make decisions based on information that is most readily available, rather than seeking out all relevantinformation.
- Hindsight Bias: The tendency to believe, after an event has occurred, that one would have correctly predicted the outcome, despite having had no prior evidence or justification to support theprediction.
- Loss Aversion: The tendency to weigh losses more heavily than gains, leading to risk-averse behaviour or a preference for avoiding losses over acquiring equivalentgains.
- Anchoring bias: The tendency to rely too heavily on an initial piece of information (the "anchor") when making subsequent judgments or decisions, even in the presence of additional information orcontext.
- Framing effect: The tendency to make different decisions or judgments based on how the options or information are presented or framed, even if the underlying facts or choices remain thesame.
- Status quo bias: The tendency to prefer the current state of affairs or the default option, and to avoid change or risk, even when alternative options are equally or morebeneficial.
