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Biases
Decisions are influenced by various factors, including cognitive biases. Here are some common biases:
- Confirmation Bias
- Availability Heuristic
- Recency Bias
- Bandwagon Effect
- Anchoring Bias
Common Cognitive Biases
Confirmation Bias
Confirmation bias is the tendency to search for, interpret, and recall information in a way that confirms one’s preexisting beliefs or hypotheses.
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The availability heuristic is a mental shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method, or decision.
Read more on WikipediaRecency Bias
Recency bias is the tendency to weigh recent events more heavily than earlier events. This can affect decision-making and judgments, as more recent information is often considered more relevant.
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The bandwagon effect is the tendency for people to adopt certain behaviors, styles, or attitudes simply because others are doing so. The more people adopt a trend, the more likely others are to follow.
Read more on WikipediaAnchoring Bias
Anchoring bias occurs when individuals rely too heavily on the first piece of information (the "anchor") when making decisions, even if it is irrelevant.
Read more on WikipediaOverconfidence Bias
Overconfidence bias is when a person’s confidence in their judgments or abilities exceeds their actual accuracy or skill level.
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