- What cognitive biases can distort your understanding?
- How to minimize the effect of Cognitive Biases?
- Anchoring
- Availability
- Groupthink
- Confirmation Bias
- Loss Aversion
- Probabilities (Preventiveness) misconceptions
There is a massive list of around 180 Cognitive biases(Buster Benson, 2016, 2020), but the size of this list could be attributed to several duplicate entries (Hershey H. Friedman, 2017) like renamed versions of more generic ones. Out of the huge list of cognitive biases, human judgment is primarily influenced by those that classify into one of the following two groups. The first group includes those that stem from the reliance on judgmental heuristics while the other includes biases that are attributable to motivational effects, such as wishful thinking or the distortion of judgments by payoffs and penalties (Tversky, A., & Kahneman, D., 1974 p. 1130). According to Tversky’s and Kahneman’s pioneering work (Tversky & Kahneman, 1974), the most common biases that stem from judgmental heuristics are Anchoring, Availability and Representativeness biases.
