BUS 221 Lecture Notes - Lecture 2: Cognitive Bias, Confirmation Bias
27 Jan 2017
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Types of cognitive biases: the anchoring effect. A cognitive bias that involves the human tendency to attach too much importance to a single piece of information acquired early in a decision-making process. People are unduly influenced by starting a conversation with reference to a particular number, even if they know that that number is effectively random. A cognitive bias that leads us to arrive at different conclusions about a given situation, based solely on how that situation is described or framed . 80% chance of survival sounds a lot better than 20% chance of death : confirmation bias. A cognitive bias that leads us to look for, and focus on, evidence that confirms our prior beliefs, while ignoring conflicting evidence. You believe engineers are rude; you meet 3, and of those 3, only one of them is rude; you are more likely to remember the rude one, and ignore the two nice ones: false consensus.
