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The anchoring bias, or focalism, is the tendency to rely too heavily—to "anchor"—on one trait or piece of information when making decisions (usually the first piece of information acquired on that subject). [11] [12] Anchoring bias includes or involves the following:
Biases specific to groups (such as the risky shift) versus biases at the individual level. Biases that affect decision-making, where the desirability of options has to be considered (e.g., sunk costs fallacy). Biases, such as illusory correlation, that affect judgment of how likely something is or whether one thing is the cause of another.
Biases usually affect decision-making processes. They appear more when decision task has time pressure, is done under high stress and/or task is highly complex. [68] Here is a list of commonly debated biases in judgment and decision-making:
In Jonas et al. (2001) empirical studies were done on four different experiments investigating individuals' and groups' decision making. This article suggests that confirmation bias is prevalent in decision making. Those who find new information often draw their attention towards areas where they hold personal attachment.
[6] [2] [7] It is also possible that choice-supportive memories arise because an individual is only paying attention to certain pieces of information when making a decision or to post-choice cognitive dissonance. [5] In addition, biases can also arise because they are closely related to the high level cognitive operations and complex social ...
Cognitive bias mitigation is the prevention and reduction of the negative effects of cognitive biases – unconscious, automatic influences on human judgment and decision making that reliably produce reasoning errors. Coherent, comprehensive theories of cognitive bias mitigation are lacking.
An emotional bias is a distortion in cognition and decision making due to emotional factors. For example, a person might be inclined: to attribute negative judgements to neutral events or objects; [ 1 ] [ 2 ]
Baron (2000) suggests that the bias manifests itself among adults especially when it comes to difficult choices, such as medical decisions. This bias could make actors drastically violate expected-utility theory in their decision making, especially when a decision must be made in which one possible outcome has a much lower or higher utility but ...