Examples Of Cognitive Biases

Cognitive biases are tendencies to make decisions in ways that can lead to systematic deviations from a standard of rationality, good judgment or optimal outcomes, often resulting in the person being worst off. There an overwhelming amount of these biases researched and documented to be in effect during our decision making process by many experiments to confirm their validity. Cognitive biases are useful as mental shortcuts that help reduce mental efforts for faster judgments, solve problems, and simplify complex decisions with partial information and uncertainty. Under most circumstances, they play an important role in our in our day to day life's, but in certain cases they can lead to systematic deviations from rationality when making important