Confirmation Bias | Topics | tutor2u Economics

Confirmation bias exists when people seek out or evaluate information in a way that fits with their existing thinking and preconceptions. For example, a consumer may have a chosen favourite brand and will then seek out positive reviews of this product to help confirm that they have made the right choice. Warren Buffett quoted confirmation bias when he said that "What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact."

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