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Cognitive Bias

A cognitive bias is a systematic error in thinking that affects the decisions and judgments made by individuals. It can arise from various sources, such as personal experiences, preconceptions, emotions, and social influences.

Here are some examples of cognitive biases:

  1. Confirmation Bias: The tendency to seek out and interpret information in a way that supports one's pre-existing beliefs, while disregarding information that contradicts them.
  2. Availability Bias: The tendency to make decisions based on information that is most readily available, rather than seeking out all relevant information.
  3. Hindsight Bias: The tendency to believe, after an event has occurred, that one would have correctly predicted the outcome, despite having had no prior evidence or justification to support the prediction.
  4. Loss Aversion: The tendency to weigh losses more heavily than gains, leading to risk-averse behaviour or a preference for avoiding losses over acquiring equivalent gains.
  5. Anchoring bias: The tendency to rely too heavily on an initial piece of information (the "anchor") when making subsequent judgments or decisions, even in the presence of additional information or context.
  6. Framing effect: The tendency to make different decisions or judgments based on how the options or information are presented or framed, even if the underlying facts or choices remain the same.
  7. Status quo bias: The tendency to prefer the current state of affairs or the default option, and to avoid change or risk, even when alternative options are equally or more beneficial.

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