Recognizing that humans have biases when making decisions and judgments is important. However, there are several biases that can actually help guide you in making better judgments, arguments, or decisions, where everything isn't taken at face value.
Confirmation Bias: This occurs when individuals seek or interpret information in a way that confirms their preconceptions or hypotheses while disregarding contradictory evidence.
Availability Heuristic: This bias involves giving more weight to readily available information or easily recalled from memory, rather than considering all relevant information.
Anchoring Bias: People rely heavily on the first piece of information encountered (the "anchor") when making decisions, even if it's irrelevant to the decision at hand.
Overconfidence Bias: This bias leads individuals to overestimate their own abilities, knowledge, or the accuracy of their judgments.
Loss Aversion: People tend to prefer avoiding losses over acquiring equivalent gains, often leading to risk aversion and potentially missing out on beneficial opportunities.
Sunk Cost Fallacy: This occurs when individuals continue a course of action because of previously invested resources (time, money, effort) despite the lack of prospects for success.
Hindsight Bias: After an event occurs, individuals tend to believe that the outcome was more predictable than it actually was, leading them to perceive events as having been more predictable than they were at the time.
Recency Bias: This bias involves giving more weight to the most recent information or experiences when making decisions, often overlooking more distant or less recent data.
Groupthink: Individuals within a group tend to conform to prevailing attitudes or decisions, sometimes suppressing dissenting viewpoints or critical thinking.
The Dunning-Kruger Effect: This refers to the cognitive bias wherein individuals with low ability in a particular domain tend to overestimate their ability, while those with higher competence may underestimate their skill relative to others.
Three cognitive biases that you are likely to encounter are the Dunning-Kruger effect, confirmation bias, groupthink and anchoring bias.
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