Cognitive Biases in Decision Making

Cognitive biases are systematic patterns of thinking that can lead to judgment errors in decision-making. They affect how we perceive information, remember events, and evaluate choices. For example, the confirmation bias makes us favor information that supports our beliefs while ignoring contrary evidence. Another common bias is the anchoring effect, where we rely too heavily on the first piece of information we encounter. These biases can influence everyday decisions, from personal choices to business strategies, often leading us to make less rational or informed choices than we believe we are making. Understanding them can improve our decision-making processes.