Cognitive Bias

Cognitive bias is a fundamental error in thinking that can lead to irrational judgments and decisions, often influenced by our perceptions, memories, or beliefs. They are mental shortcuts or heuristics that, while generally helpful for quick decision-making, can lead to inaccurate or distorted judgments when applied inappropriately. Cognitive biases can arise from our limited cognitive resources, emotional influences, and the need to simplify complex information. These biases can lead to poor decisions, inaccurate perceptions, and even reinforce negative stereotypes. Forms of bias:

• Confirmation bias favors information confirming existing beliefs, even if weak evidence. 
• Anchoring bias over-relies on the first information received when making decisions. 
• Hindsight bias is believing, after an event, we could’ve predicted it. 
• Availability heuristic relies on readily available information, even if not the most relevant. 
• Halo effect allows a positive impression in one area to positively influence feelings in another 
• Self-serving bias attributes positive outcomes to our abilities and blames external factors for negative outcomes. 
• Optimism bias overestimates the likelihood of positive outcomes and underestimates negative events as likely to have bad outcomes.