Cognitive biases are limitations in our thinking that can lead to irrational decisions and judgments. They are caused by our brain’s tendency to use mental shortcuts to make sense of the world around us. At QMAK, our “Question More, Action Knowledge” philosophy emphasizes the importance of nurturing a mindset of active questioning and discovery.
Cognitive biases can have a significant impact on our lives. They can lead to us making poor financial decisions, choosing unhealthy relationships, and even putting ourselves in danger. However, by being aware of these biases, we can take steps to reduce their impact on our thinking and make more rational decisions.
Here are some common cognitive biases:
These biases affect how we perceive, remember, and focus on information.
When we fail to notice things that are right in front of us because we are not paying attention.
When we overestimate the likelihood of events that are easy to remember.
When our decisions are influenced by the way information is presented.
When we use an initial piece of information as a reference point for subsequent judgments.
When we believe we have more control over events than we actually do.
Biases in this category affect how we make judgments, evaluate risks, and take action.
Underestimating the time, costs, and risks of future actions, often resulting in delays.
When we seek out and interpret information that confirms our existing beliefs.
When people continue investing in something because of the time, money, or effort they’ve already spent, even if it’s no longer a good decision.
When we feel the pain of a loss more strongly than the pleasure of a gain.
When we believe we are less likely to experience negative events than others.
The tendency to prefer taking action, even when doing nothing might be the better option.
Valuing scarce resources more, often irrationally.
Tendency to avoid change and seek comfort in familiarity, often based on primal fears.
These biases relate to how others influence our thoughts, beliefs, and behaviors.
Attributing others’ actions to their character rather than situational factors, while doing the opposite for oneself.
When people adopt a behavior or belief simply because others are doing it.
People are less likely to help someone in need when others are present, assuming someone else will take action.
The phenomenon where higher expectations lead to improved performance.
The mistaken belief that your worth or success is determined by comparing yourself to others, leading to distorted self-perception.
This category focuses on biases related to self-evaluation, expectations, and adaptation to change.
The tendency to quickly return to a stable level of happiness, regardless of positive or negative changes in life.
The tendency to believe, after an event has occurred, that you knew or predicted the outcome all along.
Preference for new or unusual experiences, often leading to a bias where new stimuli capture attention more easily.
Here are some tips for reducing cognitive bias:
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