Cognitive Bias

A systematic error of thinking or rationality in judgement that influence our perception of the world and our decision-making ability.

Key Takeaways

  1. We conserve mental energy by developing rules of thumb to make decisions which are based on past experiences. These mental shortcuts increase our efficiency by enabling us to make quick decisions without the need to thoroughly analyse a situation but can also influence our decision-making processes and judgement without our awareness.
  2. Understanding of our own intrinsic biases may not eliminate them completely from our decision-making but it increases the chance that we can identify them in ourselves and others and serve as a safeguard against fallacious reasoning, unintentional discrimination or costly mistakes our decisions.
  3. Our tendency to seek out, interpret, and recall information in a way that confirms their preconceived notions and ideas. This is known as confirmation bias, and it can make having a logical discussion about a polarising issue with someone incredibly difficult.

cognitive-bias.png

https://lawsofux.com/cognitive-bias/