Although as a psycholgy student, I can say that whatever we as human beings have learnt,we make understanding of it n observe.it .. N then makes our opinions which are over the mental dashboard of ours. Based on same we all carefully weigh the pros and cons of for any issue and make our own decisions, arriving neatly at a logical choice.
IS IT Right? Wrong?
The truth is, that our mind is incredibly complex, contextual, and emotional. For example, dozens and dozens of cognitive biases influence every decision we make....I know its a difficult term ...to make it simpler one can say that it is type of error in thinking that occurs when people allow their judgments to be influenced by their own personal preferences, emotions, or beliefs.
We all suffer from multiple cognitive biases, often simultaneously.
In fact, the thought that you are less affected by cognitive biases than other people is a cognitive bias. It’s called the bias blind spot, a tricky little bias that makes it easier for you to detect biases in others (versus yourself).
Because the more you understand the inner workings of your mind, the better one can understand self and will be able to interact better with others. By being aware of the cognitive biases in our mind and the minds of others, one can tap into a source of profound understanding......
Availability heuristic
The tendency to overestimate the likelihood of events with greater “availability” in memory, which can be influenced by how recent the memories are or how unusual or emotionally charged they may be.
The availability bias is a mental shortcut that relies on recent memory. If something can be recalled quickly, it must be important or, at least, more important than things that are not easily recalled.
According to this cognitive bias, we use recent information to make decisions, making new opinions biased toward the latest news.
For example, after hearing about a string of burglaries on the news, one might be extra cautious about locking the doors at night.
How it applies in real life:
It Must Be True If It’s on the Internet!...
That also on first 10 search on google ...without realizing the economics of how search engines work
Backfire effect
Definition: The reaction to disconfirming evidence by strengthening one's previous beliefs.
This is also known as confirmation bias. Essentially, when people are provided with cold, hard evidence against their beliefs, they often reject the evidence and believe even more strongly in their original position.
In addition, we have the tendency to search for, interpret, favor, and recall information in a way that confirms our preexisting beliefs.
How it applies in Real Life:
Anyone who has had a heated debate about politics or religion in india for example, might recognize this cognitive bias.
People believe what they believe and it’s very difficult to unseat those beliefs....they can argue ad finem
Barnum effect
Definition: The observation that individuals will give high accuracy ratings to descriptions of their personality that supposedly are tailored specifically for them, but are in fact vague and general enough to apply to a wide range of people.
How it applies in Real life : All cult head ..know this technique well ...n using generalization make connect with individual..
This explains how horoscopes, fortune telling, and generic personality tests can seem so accurate.
Benjamin Franklin effect
Definition: A person who has performed a favor for someone is more likely to do another favor for that person than they would be if they had received a favor from that person.
Wait, what? The proposed reason for this psychological phenomenon is that you performed the favor because you like the person.
This is actually the cognitive bias that explains long-held grudges and rivalries because the opposite is true as well: you come to hate those you do wrong.
The writer and inventor Benjamin Franklin quoted an “old maxim” in his autobiography, which is how the bias became named after him: “He that has done you a kindness will be more ready to do you another, than he whom you yourself have obliged.”
How it applies in Real life:
When potential customers are asked small favor, perhaps to like you on Facebook....rate them and give them good ratings... In matter of time and all lkrlihood They will be more likely to buy/go from same place...
Decoy effect
Definition: Preferences for either option A or B change in favor of option A or B when option C is presented, which is similar to option B but in no way better.
In other words, option C is completely inferior to A, but on par with B (inferior in some ways, superior in some ways). When C is present, it makes A more attractive than if the options were merely A and B.
For example, let’s say you’re buying a new Phone. Option A is 50K for 30 gigabytes and option B is 40K for 20 gigabytes. Some of you reading this will prefer A, some B. It just depends on how you feel about price and storage.
But now company has released another option, option C. At 55K, it’s more expensive than both A and B, but has slightly less storage (25 gigabytes versus 30 gigabytes) than A.
No one is going to choose C, but it causes A to be chosen more often than if only A and B were present.
How it applies in Real life: All big companies specially tech companies use as a decoy to increase purchases of the bundle they want people to buy...
Post-purchase rationalization
The tendency to persuade oneself through rational argument that a purchase was good value.
This is also known as choice-supportive bias.
We want to make the right choice so much that we tend to retroactively assign positive attributes to an option we’ve selected.
For example, if you choose option A over option B, you are likely to downplay the faults of option A and highlight the faults of option B. You are likely to highlight the advantages of option A and downplay the advantages of option B as well.
How it applies im Real Life:
Halo effect
Definition: The tendency for a person’s positive or negative traits to “spill over” from one personality area to another in others’ perceptions of them.
If a trusted brand releases a new product line, you will automatically assume the new product is great, regardless of whether it truly is...
How it applies in Real life: For example, you might buy an Apple Watch, despite a disinterest in watches, because of positive experiences with your iPhone and MacBook.
You might also be familiar with this concept applied to physical appearance. It’s the same reason we tend to consider people we see as physically attractive to be smart, charming, selfless, etc
How to reduce cognitive bias
There are a few key things that one can do to prevent cognitive bias:
Be aware of your own biases. We all have them, and they can distort our thinking. By being aware of one's own biases, one can take steps to avoid them.
Try to get information from multiple sources. When one is considering a decision, get input from people who have different perspectives from yourself.
Consider multiple explanations for past events. Don’t just assume that your first explanation is correct when something happens. Consider other possibilities.
Be willing to change your mind. If new evidence comes to light that contradicts your existing beliefs, be open to changing your mind.
Be aware of groupthink. People in a group may start to conform to the group’s beliefs, even if those beliefs are inaccurate. Be aware of this phenomenon and make an effort to think for yourself.
