As humans, we like to believe that we are rational and objective. However, the truth is that our brains constantly make shortcuts in order to process information more efficiently. These shortcuts are known as cognitive biases and they can have a significant impact on our decision making. In this blog, we will dive deeper into the most common cognitive biases and their impact on our lives!

Confirmation Bias 🤔

Confirmation bias is the tendency to only seek out information that confirms our pre-existing beliefs. In other words, when we encounter new information, we tend to interpret it in a way that supports what we already believe. This bias can be particularly dangerous because it can cause us to overlook important information that doesn’t fit our worldview.

A person with their eyes closed and their ears covered

Hindsight Bias 🙄

Hindsight bias is the tendency to believe that we could have predicted an event after it has occurred. This bias causes us to overestimate our ability to predict outcomes and can lead to a false sense of security. It can also make it difficult for us to learn from our mistakes as we believe that we couldn’t have done anything differently.

A person looking back over their shoulder with a surprised expression

Availability Heuristic 🤔

Availability heuristic is the tendency to overestimate the likelihood of events based on how easily they come to mind. For example, if we hear about a shark attack in the news, we might avoid going to the beach even though the likelihood of being attacked by a shark is extremely low. This bias can cause us to make irrational decisions based on limited information.

A person holding a newspaper with a frightened expression

Anchoring Bias 🙄

Anchoring bias is the tendency to rely too heavily on the first piece of information we receive when making decisions. For example, if we are negotiating the price of a car and the dealer opens with a high price, we might anchor on that price and have difficulty negotiating it down. This bias can cause us to make poor decisions based on information that may not be accurate or relevant.

A person holding a calculator with a confused expression

Overconfidence Bias 🤔

Overconfidence bias is the tendency to overestimate our abilities and the accuracy of our judgments. This bias can cause us to take on risky projects or investments without properly assessing the risks. It can also lead to us ignoring the advice of others and making decisions based on our own flawed reasoning.

A person standing on top of a mountain with their arms raised in triumph

Conclusion 🤔

Cognitive biases are a natural part of human thinking, but they can have a significant impact on our decision making. By understanding these biases, we can become more aware of them and take steps to overcome them. Remember to always challenge your assumptions and seek out diverse viewpoints before making decisions!

A person standing in front of a chalkboard with different cognitive biases written on it

That’s it for this blog. Hope it helped you understand how cognitive biases can impact our decision making! 😃