by Flinkliv · Updated Feb. 19, 2023
Cognitive biases are systematic errors in our thinking process that leads to poor judgments and bad decisions.
When we process and interpret information to make decisions, we are constantly influenced by internal thoughts and beliefs (cognitive biases) that are not necessarily reasonable, reliable, or even accurate. Cognitive biases create mental barriers that block or filter the reality of a situation.
The good news is that the process of making decisions could be improved by being aware and recognizing those cognitive biases.
Confirmation bias is the inclination to search for information that validates or supports our prior believes or values.
An echo chamber is an environment where people encounter ideas, beliefs, or opinions that reflect and reinforce their own. You have to break out of any echo chamber environment by seeking external & neutral views, playing a devil's advocate, forming diverse teams, etc.
Survivorship bias is our tendency to over-focus on the people or things that have succeeded or survived.
Sampling bias occurs when a sample is collected in such a way that some members of the population have a lower or higher sampling probability than others.
The availability heuristic is our tendency to draw conclusions, make judgments, or make decisions based on what comes to our mind immediately.
The curse of knowledge is a cognitive bias that happens when you interact with others assuming they have the same knowledge or expertise as you do.
Loss aversion is the inclination to favor avoiding losses to earning equivalent gains.
Apophenia bias is the tendency to identify patterns and meaning in arbitrary data or information.
The Dunning–Kruger effect is a cognitive bias that people with low knowledge, experience, or skills tend to overestimate their own ability and that people with high knowledge, experience, or skill tend to underestimate their own ability.
The appeal to authority bias is a cognitive bias when you use an authority figure or institution opinion instead of evidence.
The strawman bias is when a person A makes a claim, and another person B distorts it by creating a different version of the claim; then attacks person A based on the distorted version.
We tend to look or listen to easy, familiar, and repetitive solutions to solve complex problems. Always take time to gather, check, and process information, and opt for deep thinking instead of easy solutions.
A self-serving bias is believing that good things happen to you thanks to your skills, hard work, and behavior. In contrast, bad things happen to you because of outside circumstances rather than taking personal responsibility.
The projection bias happens when we rely on our current status, such as emotions, values, or beliefs, as reference points to predict the preferences of our future selves.
In a trade-off situation, present bias is the tendency to settle for a smaller current (or present) reward instead of waiting for a larger future reward. It describes the trend of overvaluing immediate rewards while putting less worth in long-term consequences.