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Status quo bias is when we prefer that our environment and situation should remain unchanged.
The bias has the most impact in the area of decision-making, as we tend to pre...
These explanations are all irrational for preferring the status quo:
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Cognitive Bias is a predictable pattern of mental errors where we misperceive reality and move away from the most likely way of reaching our goals.
These mental blind spots...
Unconscious bias refers to unconscious forms of discrimination and stereotyping. Unconscious bias often leads to discrimination, be it deliberate or unintentional.
Unconscious bias is different from cognitive biases. Cognitive biases relate to our brains' particular wiring, while unconscious bias refers to perceptions between different groups and are specific to different societies.
We surround ourselves with it: We tend to like people who think like us; if we agree with someone's beliefs, we're more likely to be friends with them.
This makes sense, but it means ...
It's a thinking mistake and it occurs when we confuse selection factors with results.
Professional swimmers don't have perfect bodies because they train extensively. Rather, they are good swimmers because of their physiques.
It plays on this tendency of ours to emphasize loss over gain.
The term sunk cost refers to any cost that has been paid already and cannot be recovered. The reason we can't ignore the cost, even though it's already been paid, is that we're wired to feel loss far more strongly than gain.
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...are common thinking errors that harm our rational decision-making.
We don't always see things as they are. We don't simply glean information through the senses and act on it; inste...
Is our tendency to overestimate the odds of our own success compared to other people's.
Overly optimistic predictions can be dangerous, leading us to waste time and resources pursuing unrealistic goals. In the real world of business, things don't always work out for the best, and it serves us well to know when conditions are not on our side.
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