Be a Bias DetectiveUnderstanding Cognitive Biases

Points to be discussed...

● What is Cognitive Bias?● The Discovery● Status Quo Bias● Stereotype Bias● Confirmation Bias● Halo Effect● Recency Bias● Take aways

What is Cognitive Bias?

Cognitive biases are tendencies to think in certain ways that can lead to systematic deviations from a standard of rationality or good judgment, and are often studied in psychology and behavioral economics.

There are unique 178 types of Cognitive Biases.

The Discovery (in 1972)

Amos Tversky Daniel Kahneman(1937 - 1996) (1934)

Status Quo biasA preference for decisions that maintain the current state of affairs (status quo). Those affected by this bias choose not to divert from established behaviour unless there is compelling incentive to change.

Stereotype biasThe unconscious attribution of particular qualities to a member of a certain social group. Those affected by this bias subscribe easily to widely held but fixed and oversimplified image or idea of a particular type of person or thing.

Confirmation biasThe tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses. Those affected by this bias actively seek out and assign more weight to evidence and information that confirms their hypothesis, and ignore or underweight evidence that could refute their hypothesis.

Halo Effect

The tendency for a person's positive or negative traits to "spill over" from one personality area to another in others' perceptions of them.

When an observer's overall impression of a person, company, brand, or product influences the observer's feelings and thoughts about that entity’s character or properties. Those affected by this bias will have a positive predisposition towards everything about a person or object if they like one aspect of it.

Recency EffectA tendency to remember most recently presented items or experiences best. Those affected by this bias pay more attention to experiences in recent memory than experiences gathered over a longer period of time.

Reference Videos

https://www.youtube.com/watch?v=VZv--sm9XXU&authuser=1

https://www.youtube.com/watch?v=CjVQJdIrDJ0&authuser=1

https://www.youtube.com/watch?v=R-sVnmmw6WY&authuser=1

Reference Books

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