BUS 221 Chapter Notes - Chapter 5-6: Individual Psychology, Group Dynamics, Thought Experiment
12 Jul 2016
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There are many factors that can affect our ability to think clearly. Cognitive bias is a subconscious mental tendency to think in certain ways that lead us to poor judgment often resulting in illogical conclusions. Anchoring effect: human tendency to attach too much importance to a single piece of information acquired early in a decision-making process. Framing effect: leads us to arrive at different conclusions about a given situation based solely on how that situation is described, or framed. ". Confirmation bias: leads us to look for, and focus on, evidence that confirms our prior beliefs, and to ignore evidence that points in a different direction. False consensus effect: the tendency we all have to over-estimate the extent to which other people agree with our own point of view. Think consciously about your own reasoning patterns, and ask yourself questions. Watch for the effect of such biases in others.
