Cognitive bias is a systematic error in thinking that arises from inaccurate assumptions, interpretations and memories. It is an effect of the way our minds work and can lead us to draw incorrect conclusions. Cognitive biases can have an enormous impact on decision-making, as they are often based on incomplete or incorrect information.
Define cognitive bias and choose two that you may experience.
Two cognitive biases that people may experience are confirmation bias and hindsight bias. Confirmation bias occurs when we selectively look for evidence to support our own pre-existing beliefs while ignoring evidence that contradicts them. This type of cognitive bias can cause us to make decisions without taking into account all available information, which could lead us astray. Hindsight bias occurs when we assess events after they’ve happened with the knowledge of what occurred, leading us to believe that we should have seen it coming all along (Hausknecht et al., 2018). For example, someone might say “I knew the stock market was going to crash” even though there were no signals prior to the event indicating it would happen.
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