Understanding Cognitive Biases:

 Cognitive Biases:

Cognitive biases are systematic patterns of deviation from rationality in judgment and decision-making. They often result from the brain’s attempt to simplify information processing. These biases can affect our memory, attention, reasoning, and how we interpret the world.

Here’s a list of some of the most well-known cognitive biases:

Confirmation Bias

The tendency to search for, interpret, and remember information that confirms one’s preexisting beliefs or values.

Anchoring Bias

Relying too heavily on the first piece of information encountered (the “anchor”) when making decisions.

Availability Heuristic

Overestimating the importance of information that is most readily available, often because it is recent or emotionally charged.

Dunning-Kruger Effect

People with low ability at a task overestimate their ability, while those with high ability tend to underestimate their competence.

 Loss Aversion

The tendency to prefer avoiding losses rather than acquiring equivalent gains; losses are felt more strongly than gains.

Status Quo Bias

A preference for the current state of affairs and a resistance to change.

Bandwagon Effect

The tendency to adopt certain behaviors or beliefs because many other people do the same.

Hindsight Bias (“I knew it all along”)

The tendency to believe, after an event has occurred, that one would have predicted or expected the outcome.

Framing Effect

People react differently depending on how choices are presented (e.g., as a loss or a gain).

 Self-Serving Bias

Attributing success to oneself and failure to external factors.

Shervan K Shahhian