BUS 221 Lecture Notes - Lecture 10: Cognitive Bias, Confirmation Bias, Hasty Generalization

• School: Ryerson University
• Department: Business
• Course: BUS 221
• Professor: Haskovon Kriegstein

Document Summary

Bus 221 lecture 10 (cid:858)(cid:272)og(cid:374)iti(cid:448)e (cid:271)iases,(cid:859) (cid:271)uilt-in distortions in the way we think and process information. A cognitive bias is a subconscious mental tendency to think in certain ways that lead us to poor judgment often resulting in illogical conclusions. Mental shortcuts a bias: a leaning or tendency in your mind that is the enemy of good, critical thinking. Anchoring is a cognitive bias that involves the human tendency to attach too much importance to a single piece of information acquired early in a decision-making process. The framing effect is a cognitive bias that leads us to arrive at different conclusions about a given situation based solely on how that situatio(cid:374) is des(cid:272)ri(cid:271)ed, or (cid:858)fra(cid:373)ed. (cid:859) Confirmation bias is the cognitive bias that leads us to look for, and focus on, evidence that confirms our prior beliefs, and to ignore evidence that points in a different direction.