Cognitive Biases are a collection of faulty and illogical ways of thinking which are hardwired in the brain, most of which we aren’t aware of.
The idea of cognitive biases was invented in the 1970s by two social scientists Amos Tversky and Daniel Kahneman, with Kahneman winning the 2002 Nobel Prize in Economics for the same.
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It is a field of study bringing together knowledge from psychology and economics to reveal how real people behave in the real world.
Confirmation bias is a common tendency to self-promote and validate our own beliefs. Most controversial issues have people who are for or against the given topic, and tend to look at points that support their existing belief patterns.
Daniel Kahneman, a Nobel prize winning...
The economic theory of expected utility maximization says that people will act out of rational self-interest. But psychologist Daniel Kahneman showed that it is incorrect.
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