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Oct 7, 2015

Pick A Bias, Any Bias

The more we learn, the more we understand how little we actually know.
A cognitive bias refers to a systematic pattern of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.[1] Individuals create their own "subjective social reality" from their perception of the input.[2] An individual's construction of social reality, not the objective input, may dictate their behaviour in the social world.[3] Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, or what is broadly called irrationality.[4][5][6]
Some cognitive biases are presumably adaptive. Cognitive biases may lead to more effective actions in a given context.[7] Furthermore, cognitive biases enable faster decisions when timeliness is more valuable than accuracy, as illustrated in heuristics.[8] Other cognitive biases are a "by-product" of human processing limitations,[9] resulting from a lack of appropriate mental mechanisms (bounded rationality), or simply from a limited capacity for information processing.[10]
A continually evolving list of cognitive biases has been identified over the last six decades of research on human judgment and decision-making in cognitive science, social psychology, and behavioral economics. Kahneman and Tversky (1996) argue that cognitive biases have efficient practical implications for areas including clinical judgment.[11]
Some examples:






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