According to the paragraph, "Confirmation bias is the tendency to search for, interpret, favor, and recall information in a way that confirms or supports one's prior beliefs or values."
The different types of biases that affect decision making, such as confirmation bias, anchoring bias, and availability bias, and how to mitigate their impact.
Cognitive biases: These are mental shortcuts or tendencies that can cause people to make decisions that are not entirely rational. Examples include confirmation bias, framing effect, and availability bias.
Anchoring bias: This occurs when people rely heavily on the first piece of information they receive when making a decision, even if it is not relevant or accurate.
Overconfidence bias: This is the tendency to overestimate one's own abilities, knowledge, or likelihood of success. This can lead to poor decision making and a failure to consider all relevant information.
Groupthink: This is a phenomenon where members of a group prioritize conformity and maintaining harmony over critical thinking and decision making. This can lead to poor decision making and a lack of innovation.
Sunk cost fallacy: This is the tendency to continue investing in a decision or project based on the resources already invested, even if it no longer makes sense. This can lead to poor decision making and wasted resources.
Loss aversion: This is the tendency to prefer avoiding losses over acquiring gains. This can lead people to make risk-averse decisions that may not be in the best interests of the organization.
Halo effect: This occurs when one positive trait or characteristic of a person or object influences one's perception of their other traits or characteristics. This can lead to biased decision making.
Recency bias: This occurs when people rely too heavily on recent experiences or information when making decisions, even if it may not be representative of the larger picture.
Prospect theory: This is a model of decision making that suggests people's decisions are influenced by the potential benefits and losses associated with their options.
Decision framing: This refers to the context in which decisions are presented or framed, which can influence how people perceive and make decisions.
Confirmation Bias: This bias causes individuals to seek information that confirms their existing beliefs, while ignoring information that contradicts their beliefs.
Anchoring Bias: This bias causes individuals to rely too heavily on the initial information or first impression when making decisions.
Overconfidence Bias: This bias causes individuals to overestimate their abilities, knowledge and judgement leading to poor decision making.
Hindsight Bias: This bias causes individuals to view past events as more predictable than they actually were, leading to an overconfidence of their abilities in the future.
Availability Bias: This bias occurs when individuals rely on the most recent or easily available information, leading to inaccurate decision making.
Sunk Cost Bias: This bias occurs when individuals continue to invest resources in a project or decision, despite evidence that it is no longer profitable or viable.
Recency Bias: This bias is a type of availability bias where individuals place greater significance on recent events, rather than considering the entire history leading to that event.
Groupthink Bias: This bias occurs when individuals in a group conform to the opinions or decisions of the majority, without consideration of alternative options leading to unfavorable results.
Framing Bias: This bias influences the way information is presented, leading individuals to make different decisions based on how the information is presented.
Status Quo Bias: This bias occurs when individuals prefer the current situation over a potential change or decision, even if the potential change is a better option.
Overoptimism Bias: This bias leads individuals to be overly optimistic about the outcome of a decision, leading to a disregard of potential risks or negative outcomes.
Endowment Bias: This bias causes individuals to place a higher value on something they already own and are reluctant to trade or sell it, even if the value is diminishing over time.
Negativity Bias: This bias causes individuals to focus on the negatives of a decision or situation, leading to an overemphasis on potential negative outcomes, rather than the potential positive outcome.
Authority Bias: This entails the tendency of individuals to favor and follow the opinions of those in power, leading to a biased decision-making process.
Halo and Horns Effects: This bias causes individuals to form an overall positive or negative impression of a person, based on a single trait, which affects their decision making in a particular situation.
"Confirmation bias produces systematic errors in scientific research based on inductive reasoning (the gradual accumulation of supportive evidence)."
"The effect is strongest for desired outcomes, for emotionally charged issues, and for deeply entrenched beliefs."
"Confirmation bias cannot be eliminated, but it can be managed, for example, by education and training in critical thinking skills."
"These biases contribute to overconfidence in personal beliefs and can maintain or strengthen beliefs in the face of contrary evidence."
"Attitude polarization (when a disagreement becomes more extreme even though the different parties are exposed to the same evidence)."
"Belief perseverance (when beliefs persist after the evidence for them is shown to be false)."
"The irrational primacy effect (a greater reliance on information encountered early in a series)."
"Illusory correlation (when people falsely perceive an association between two events or situations)."
"A series of psychological experiments in the 1960s suggested that people are biased toward confirming their existing beliefs."
"Later work re-interpreted these results as a tendency to test ideas in a one-sided way, focusing on one possibility and ignoring alternatives."
"Explanations for the observed biases include wishful thinking and the limited human capacity to process information."
"Flawed decisions due to confirmation bias have been found in a wide range of political, organizational, financial, and scientific contexts."
"Confirmation bias produces systematic errors in scientific research based on inductive reasoning (the gradual accumulation of supportive evidence)."
"A police detective may identify a suspect early in an investigation, but then may only seek confirming rather than disconfirming evidence."
"A medical practitioner may prematurely focus on a particular disorder early in a diagnostic session and then seek only confirming evidence."
"In social media, confirmation bias is amplified by the use of filter bubbles, or 'algorithmic editing,' which display to individuals only information they are likely to agree with, while excluding opposing views."
"Confirmation bias cannot be eliminated, but it can be managed, for example, by education and training in critical thinking skills."
"These biases contribute to overconfidence in personal beliefs and can maintain or strengthen beliefs in the face of contrary evidence."
"People display this bias when they select information that supports their views, ignoring contrary information, or when they interpret ambiguous evidence as supporting their existing attitudes."