Hello Rockers!!!
Back With yet another important and the most crucial phenomenon in our daily lives. I have been always an overthinker so this blog post doesn't do any justice to me but I hope it will definitely help you from here on to be more informed and confined in the decisions you make.
Hence, I have decided to address this topic with a keen eye, done in a very subtle manner, which would help each one of you to understand the pros and cons, and effects in human behavior, that are linked to cognitive bias.
It is written in a very simple easy to understand language which even a layman could understand. It’s not quite rocket science.
So fellas, come on let's get the party started...
Cognitive bias plays a very significant role in one’s life and causes an obstacle, and acts as a barrier in any decision-making process. From a psychological perspective, Cognitive bias prevents you from achieving your goal to full potential or to the best of your abilities.
Cognitive bias is a strong, assumption made of someone, about something which is primarily based on the limited details that we’ve got.
A cognitive bias is a systematic bias in thinking that occurs when the human brain which is powerful and yet has its own limitations, is processing and interpreting information about the world we live in. This goes on further to affect the decisions taken and thereby the judgments made.
The different types of cognitive biases continue to remain as systematic errors in a person’s outlook and way of thinking, which arise from that individual’s observations, own perceptions, and/or points of view. There are different types of biases people experience that influence and affect the way we think and behave, as well as our decision-making process.
Cognitive biases could affect one’s decision-making skills; hence, needs attention and needs to be looked into:
For example, suppose you would need to make a rational, unbiased decision on something of utmost importance to you. The first approach towards this would be to analyze the advantages and disadvantages of this, and secondly, you would prefer to take others opinion of this. After all, this would the decision was taken to meet the desired expectations. I would say that it still might not have met the objectives. The simple reason being as a common man you have a preconceived idea during the analyzing and processing of the information based on your life’s experiences. With time, a person develops some subtle cognitive biases.
When cognitive bias affects one’s decision-making skills, it further leads to
1. Limiting your problem-solving abilities.
2. Becomes an obstruction to your overall successful person as an individual.
3. It is a hindrance to your success in your career.
4. It destroys the reliable sources of your past memories.
5. It damages some of the most flourishing moments that you have dwelled upon in the past.
6. It brings about a challenge to your abilities to respond and act accordingly in a given situational crisis that you face.
7. It increases anxiety levels and causes depression; thereby, affecting your health.
8. All of the above reasons could act as a catalyst leading to hampered and broken relationships.
Thus, a cognitive bias is a flaw in one’s reasoning process where you end up misinterpreting the information from the world around you; thereby, arriving at an incorrect conclusion.
The biases are strongly influenced by
1. The information you pay attention to.
2. What you remember and perceive from your past decisions.
3. The sources you consider reliable and decide to trust upon, based on your research, on your options.
Now, let us discuss what lies underneath Cognitive bias...
What are cognitive biases Quizlet?
As discussed, Cognitive biases are tendencies to assume preconceived ideas and think and act in certain ways. Cognitive biases lead to systematic deviations from a degree of rationality. Cognitive bias deviates from proper judgment. Cognitive biases Quizlet is a distinctive attribute of human psychology that skews the formation of belief.
It is a genuine deficiency of critical thinking.
It brings about limitations to your thinking ability.
It is a flaw in judgment that comes about from errors of memory in the past.
These past memories reckon and contribute towards social attribution,.
It leads to misinterpretation and further leads to miscalculations.
It gives room to a false sense of probability.
Well, this is not just it the cognitive bias has also classification, and the major categories that can be classified are listed below.
So, there is basically 12 Cognitive Bias...And each and everyone will surprise you for sure.
Anchoring bias:
Here one relies on the first information got. Based on the reliability it influences everything that follows.
Availability Heuristic bias:
Here people overestimate the importance of information got, and make judgments based on the likelihood of an event that occurs. People are more comfortable with less uncertainty and the accompanying risk with the decision-making.
Heuristic bias is based on how easily a case, an example, or an instance, comes to mind. The decision made is from the knowledge and stories heard rather than from the actual facts and statistics obtained.
Bandwagon effect:
As the very name suggests, it is a psychological phenomenon in which people do something without thinking. It is primarily done because other people are doing it. People irrespective of their own beliefs, tend to focus on the beliefs and behavior of others in a group.
This group thinking and the act of doing things without self-analyzing, and only doing it just because the rest of them are doing, and blindly follow them, is also called a herd mentality. It is done due to peer pressure from others in society.
Choice supported bias:
Here we tend to defend ourselves for the simple reason being, we chose this option. People tend to see only the positives involved rather than the associated negatives. They tend to neglect the negatives.
Confirmation bias:
Here one pays more attention to information that we already know and believe in. Confirmation bias reinforces the prior held beliefs, and on the contrary not paying heed to the evidence.
Ostrich bias or Ostrich Effect:
In Ostrich bias, people avoid any bad news about a decision being made by blindly ignoring the associated negatives. They are in a mindset that the negatives will go away and will not hurt in any way.
Outcome Bias:
In outcome bias, the evaluation of our decision is purely based on the end result that would be obtained. It is the end result that justifies and determines the means of the judgment made.
Overconfidence:
Here decisions are made based on gut feeling. Your opinions are based on your past success when had been successful; although, the loss in the past does not affect your current situation.
Halo Effect:
I would say that this is quite common in our daily lives. People judge others similarly based on all traits, and when doing so, they assume that because someone is good or bad in doing a particular thing, they will continue to be equally good or bad at another task as well.
Fundamental Attribution Bias or Error:
It is a statistical bias based on overemphasizing; either overestimating or underestimating parameters such as personal factors and situational factors, while other people’s behaviors are being considered and explained.
Dunning-Kruger effect:
In psychology, a Dunning-Kruger effect is a cognitive bias where people who are less competent and have limited knowledge in a given social domain or intellectual domain, also called the cognitive domain, to a great extent overestimate their own competence levels or knowledge in that particular domain.
It is related to the performance of their peers, or of the people around them in general. It is connected with mental processes of understanding.
Status quo bias:
The status quo bias is a cognitive bias that is an emotional bias. Here people prefer that things continue to stay as they. People choose that the current state of affairs which includes the current environment and the situation that they are right now in remains the same with no untoward changes.
This emotional bias could have an effect on human behavior. In short, in the Status quo, the current baseline is considered to the reference point, and any diversion from that baseline could be perceived as a loss.
There are also.
Survivorship Bias:
The judgment is based only on the surviving information and not all of the existing information. There is a detailed episode on the same you can check that out here.
Selective Perception:
This is to be able to only see what we would want to see, based primarily on our beliefs and in our areas of interest. It takes place subconsciously in our minds without any actual efforts and filters out the desired information.
Blind-spot Bias:
This is a general belief that we are less biased when compared to everyone else.
Which cognitive bias has the greatest impact on negotiation?
Confirmation bias is unquestionably the most prevalent bias one experiences. Cognitive Negotiation. It is an interest-based negotiation, where negotiators swap positions to and fro, trading terms like price, quantity, or length of contract against each other. This is mainly done to see what suits them best and what the opposite side can live with. The most successful negotiations include a garment tailored to fit, with options carefully chosen and customized to suit the contours of everyone who has an interest in that negotiation. An example of this can be when you go to a mall and a salesperson convinces you to buy that dress or material or particular thing that you are not clearly sure to buy. They exchange their personality with you and you try to imagine buying that particular good and how it will be a good choice and bingo they scored one on you.
Cognitive Negotiability is a term that means the learner constructs meanings through a person's experiences with his or her environment, his wild imaginations, and level of cognitive negotiability.
As negotiators gather and process information the concept of misperceptions and cognitive biases typically arise out of conscious awareness. Hence, the best solution to handle the negative consequences of misperception that occur is to actually be acquainted that they would occur.
In Predictably Irrational, behavioral economist Dan Ariely states that “we're far less rational than standard economic theory assumes and refutes the common assumption that we behave in fundamentally rational ways. They're systematic and predictable – making us predictably irrational.”
Final Thoughts...
The first step toward getting over cognitive biases is to first and foremost acknowledge that we have them. Even the most sophisticated thinkers fall prey to and become overwhelmed with their own cognitive biases, so at least we are in good company.
The second step is to take advantage of available tools that can help even out and help cope and balance our own irrational tendencies. Well, These can be altogether a different story so cut the long story short here is the blogpost 😉😉😉
So, that's a wrap for today's episode...see you in the next one!!!
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Shukran, Alvida, Basalamat...Take Care all you lovely friends !!!
Except those who are awake at 4 am in morning...💙💙💙