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 decisions.
· Availability heuristic: Estimating the likelihood of events based on their availability in memory (e.g., overestimating the risk of plane crashes after seeing news reports).
· Framing effect: Drawing different conclusions from the same information, depending on how it's presented.
· Loss aversion: The tendency to prefer avoiding losses to acquiring equivalent gains.
· Overconfidence bias: The tendency to overestimate one's own abilities.
Social Biases:
· In-group bias: Favoring members of one's own group over out-group members.
· Halo effect: A general impression of a person influences how we feel and think about their character.
· Implicit bias: Unconscious attitudes or stereotypes that affect our understanding, actions, and decisions.
Other Biases:
· Dunning-Kruger effect: The tendency for unskilled individuals to overestimate their own competence and for high-skilled individuals to underestimate their own competence.
· Status quo bias: The preference for the current state of affairs.
Key points to remember about cognitive biases:
· They are often unconscious.
· They can affect anyone.
· Awareness of these biases can help us make more rational decisions.
I hope this helps.