Cognitive bias refers to the ways our brains can sometimes take shortcuts or make mistakes in our thinking. Lets deep dive into it.
Recap of the Concept:
To understand the concept of Cognitive Bias, I will advice you to read this previous post of mine:
7 More types of Cognitive Bias:
In the previous post, we have learned 7 types of cognitive bias which were,
Today let’s learn 7 more:
This cognitive bias happens when someone doesn’t have a lot of knowledge about something, but they still believe they’re really good at it.
It’s like when someone starts playing a video game for the first time and thinks they’re already a pro, even though they’re just getting started. They don’t realize how much they don’t know because they lack experience.
The endowment effect is when we attach extra value to things just because they belong to us.
For instance, think about a toy you haven’t played with in years. You might still not want to sell it for a good price because you feel a stronger connection to it since it’s yours.
This bias is all about how we see our successes and failures. It’s like giving ourselves credit for the good stuff and putting the blame on others or outside factors when things go wrong.
When we do well on something, like acing a test, we often credit it to our abilities. But if we do badly, we might blame the tough questions or a noisy classroom.
Have you ever noticed that when someone tells you not to do something, you suddenly want to do it even more? Reactance is that feeling of wanting to keep your freedom and not be controlled.
It’s like when your parents say you can’t go to a party, and suddenly that party becomes the only thing you want to do.
Sunk Cost Fallacy:
Imagine you buy a ticket for a movie, and it turns out to be really boring. Even though you’re not enjoying it, you might stay until the end just because you already paid for the ticket.
This is the sunk cost fallacy – continuing with something even if it’s not enjoyable, just because you already invested time or money in it.
This bias is about how our minds pay more attention to negative things than positive ones.
If you receive ten compliments about your artwork and one person says they don’t like it, you might focus only on that negative comment. It’s like our brains are wired to remember bad stuff more than good stuff.
Imagine you’re choosing between two roller coasters at an amusement park. One is really thrilling but a bit scary, and the other is slow and not as exciting. Even if the thrilling one is actually safer than you think, you might pick the slow one because it feels safer.
This is the zero-risk bias – going for the option that seems completely safe, even if it’s not the most exciting or enjoyable.
Understanding these cognitive biases sheds light on the fascinating ways our minds work and how they can sometimes lead us astray in decision-making. By recognizing these mental shortcuts, we gain valuable insights into the intricate mechanics of our thought processes. These biases are not flaws in our thinking, but rather natural patterns that evolved to help us navigate a complex world efficiently. However, they can become problematic when they distort our perception of reality.
Awareness is the key to managing these biases. When we know about these tendencies, we can take steps to counteract their effects. In the next post we will learn How.