Cognitive Biases
Cognitive biases are systematic errors in thinking that affect the decisions and judgments people make. They arise from our brain's attempt to simplify information processing, and while they can sometimes be helpful, they often lead to irrational or inaccurate conclusions. Categories and Examples: Biases Related to Memory: · Hindsight bias: The "I knew it all along" phenomenon, where people perceive past events as more predictable than they actually were. · Recall bias: Systematic error due to differences in accuracy or completeness of recall to subjects regarding past events or experiences. Biases Related to Decision-Making: · Confirmation bias: The tendency to search for, interpret, and remember information that confirms preexisting beliefs. · Anchoring bias: Relying too heavily on the first piece of information offered (the "anchor") when making deci...