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Cognitive bias

Systematic pattern of deviation from norm or rationality in judgment / From Wikipedia, the free encyclopedia

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A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment.[1] Individuals create their own "subjective reality" from their perception of the input. An individual's construction of reality, not the objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, and irrationality.[2][3][4]

The Cognitive Bias Codex

While cognitive biases may initially appear to be negative, some are adaptive. They may lead to more effective actions in a given context.[5] Furthermore, allowing cognitive biases enables faster decisions which can be desirable when timeliness is more valuable than accuracy, as illustrated in heuristics.[6] Other cognitive biases are a "by-product" of human processing limitations,[1] resulting from a lack of appropriate mental mechanisms (bounded rationality), the impact of an individual's constitution and biological state (see embodied cognition), or simply from a limited capacity for information processing.[7][8]

A continually evolving list of cognitive biases has been identified over the last six decades of research on human judgment and decision-making in cognitive science, social psychology, and behavioral economics. The study of cognitive biases has practical implications for areas including clinical judgment, entrepreneurship, finance, and management.[9][10]