In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. Sometimes, however, we are swayed by biases or by others manipulating a situation.<\/p>\r\n An anchoring bias<\/strong> occurs when you focus on one piece of information when making a decision or solving a problem.<\/p>\r\n<\/section>\r\n For example, anchoring happens when a starting number\u2014whether reasonable or totally random\u2014pulls our judgment toward it. For example, if a car originally says \u201cWAS $28,000 \u2014 NOW $19,500,\u201d the $28,000 price sets an anchor. Even if the car is only worth $18,000, the sale suddenly feels like a great deal.<\/p>\r\n Confirmation<\/span><\/strong> bias<\/strong> is the tendency to focus on information that confirms your existing beliefs. For example, if you think that your professor is not very nice, you notice all of the instances of rude behavior exhibited by the professor while ignoring the countless pleasant interactions they are involved in on a daily basis. This bias proves that first impressions do matter and that we tend to look for information to confirm our initial judgments of others.<\/span><\/p>\r\n [embed]https:\/\/www.youtube.com\/watch?v=tZvDaPBqAyg[\/embed]<\/p>\r\n You can view the transcript for \"Confirmation Bias: Your Brain is So Judgmental\" here (opens in new window)<\/a>.<\/p>\r\n<\/section>\r\n Hindsight bias<\/strong> is the belief that after an event has occurred, you \u201cknew it all along\u201d\u2014even if you actually didn\u2019t.<\/p>\r\n<\/section>\r\n If you take a challenging math exam and later think, \u201cI should have seen those answers immediately\u2014so obvious!\u201d<\/em>, hindsight bias is at work. It makes outcomes seem predictable after the fact and can cause us to overlook how much uncertainty or difficulty existed in the moment.<\/p>\r\n Representative bias<\/strong> is a\u00a0type of faulty thinking in which you unintentionally judge someone or something based on how well it matches a stereotype.<\/p>\r\n<\/section>\r\n For example, you might assume a psychology professor spends weekends reading research articles\u2014but be surprised to learn they love roller coasters or beach volleyball. Representative bias simplifies the world but can lead to inaccurate assumptions about individuals.<\/p>\r\n The availability heuristic<\/strong> (also known as the availability bias<\/strong>) is a\u00a0mental shortcut in which decisions are made based on examples or memories that come easily to mind\u2014even if they are not the most accurate.<\/p>\r\n<\/section>\r\n Dramatic or memorable events (like plane crashes, shark attacks, or murders) tend to be overrepresented in our perception because they appear frequently in news and media. As a result, people often believe they happen more often than they actually do.<\/p>\r\n For example, most Americans think murders are more common than suicides, but suicides occur twice as often<\/em>. The difference in media coverage makes murders far more \u201cavailable\u201d in memory.<\/p>\r\n The same bias can influence everyday choices. If you\u2019ve heard many success stories about business majors, those examples may push you toward that major\u2014not because it fits your skills or goals, but because those stories are easiest to recall.<\/p>\r\n These two biases come from the serial position effect<\/strong>\u2014our tendency to remember the first and last items in a sequence better than the middle items.<\/p>\r\n When meeting many people at an event, you\u2019re more likely to remember those from the very beginning and very end of the interaction.<\/p>\r\n<\/section>\r\nanchoring bias<\/h3>\r\n
confirmation bias<\/h3>\r\n
\r\n<\/span><\/p>\r\n<\/section>\r\n
\r\nhindsight bias<\/h3>\r\n
representative bias<\/h3>\r\n
availability heuristic<\/h3>\r\n
Primacy and Recency Biases<\/h3>\r\n
\r\n\t
summary of prominent decision biases<\/h3>\r\n
\r\n\r\n
\r\n Table 2. Summary of Decision Biases
\r\n<\/strong><\/th>\r\n<\/tr>\r\n\r\n Bias<\/strong><\/th>\r\n Description<\/strong><\/th>\r\n<\/tr>\r\n<\/thead>\r\n\r\n \r\n Anchoring<\/strong><\/td>\r\n Focusing too heavily on the first piece of information when making decisions<\/td>\r\n<\/tr>\r\n \r\n Confirmation<\/strong><\/td>\r\n Seeking or noticing information that confirms existing beliefs<\/td>\r\n<\/tr>\r\n \r\n Hindsight<\/strong><\/td>\r\n Believing an outcome was predictable only after it happens<\/td>\r\n<\/tr>\r\n \r\n Representative<\/strong><\/td>\r\n Making judgments based on stereotypes or surface similarities<\/td>\r\n<\/tr>\r\n \r\n Availability<\/strong><\/td>\r\n Basing judgments on examples that quickly come to mind, even if they\u2019re inaccurate<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/section>\r\n