Definition of Cognitive Bias

Cognitive bias refers to the systematic thinking patterns or distortions that can cloud an individual’s judgment and decision-making process. It is a deviation from rationality or objective reasoning, often influenced by personal experiences, beliefs, or cognitive shortcuts.

Types of Cognitive Bias

Confirmation Bias: This bias involves selectively seeking or interpreting information in a way that supports pre-existing beliefs or expectations, while ignoring contradictory evidence.

Availability Heuristic: This bias leads individuals to rely on readily available information or examples that come to mind quickly when making judgments or decisions, often disregarding more accurate or statistical information.

Anchoring Bias: This bias occurs when individuals heavily rely on an initial piece of information (anchor) to make subsequent judgments or decisions, despite its potential irrelevance or inaccuracy.

Overconfidence Bias: This bias entails individuals overestimating their own knowledge, abilities, or level of accuracy, leading to unwarranted confidence in their judgments or decisions.

Confirmation Bias: This bias involves selectively seeking or interpreting information in a way that supports pre-existing beliefs or expectations, while ignoring contradictory evidence.

Availability Heuristic: This bias leads individuals to rely on readily available information or examples that come to mind quickly when making judgments or decisions, often disregarding more accurate or statistical information.

Anchoring Bias: This bias occurs when individuals heavily rely on an initial piece of information (anchor) to make subsequent judgments or decisions, despite its potential irrelevance or inaccuracy.

Overconfidence Bias: This bias entails individuals overestimating their own knowledge, abilities, or level of accuracy, leading to unwarranted confidence in their judgments or decisions.