Cognitive bias

Cognitive Bias in Decision Making

Explore how biases affect our choices and learn to spot them.

What is Cognitive Bias?

Cognitive biases are systematic errors in thinking that affect our decisions. They arise from mental shortcuts (heuristics) and can lead to irrational judgments. Understanding them helps in better decision-making.

Common Cognitive Biases

Confirmation Bias

Favoring information that confirms pre-existing beliefs. Example: Ignoring evidence against your favorite political candidate.

Anchoring Bias

Relying too heavily on the first piece of information. Example: Overvaluing a product's price based on an initial high estimate.

Availability Heuristic

Judging likelihood based on how easily examples come to mind. Example: Fearing flying after seeing plane crash news, despite it being safer than driving.

Sunk Cost Fallacy

Continuing an endeavor due to past investments. Example: Finishing a bad movie because you paid for the ticket.

Overconfidence Bias

Overestimating your abilities or knowledge. Example: Assuming you'll ace a test without studying.

Framing Effect

Decisions influenced by how options are presented. Example: Choosing surgery described as "90% survival" over "10% mortality."

Quick Quiz: Spot the Bias

Read the scenario and select the bias it demonstrates.

Scenario: You believe your team will win the game because you've seen them perform well recently, ignoring recent losses.

Scenario: You stick with a failing project because you've already invested a lot of time and money.