Infographic Science

Decision-Making & 20 Cognitive Biases That Affect Our Decisions

Decision making is defined as the cognitive process which involves making choices among several alternate possibilities, identifying them, choosing what is best based on the preference of the decision-maker.

Decision-making is defined as the cognitive process which involves making choices among several alternate possibilities, identifying them and choosing what is best based on the preference of the decision-maker.

When we choose actions, we come up with several opinions through several cognitive processes and these cognitive processes are influenced by several factors such as biases, reason, emotions and memories. A study also claims that sleep deprivation affects critical aspects of decision-making in high-stakes, real-world situations. Aging does have the similar effect as well – a study showsΒ it is associated with significant decline in cognitive functions.

Of several factors that affect our decision-making, now we are going to go specifically into the most common biases that hamper our decision-making. Below is the infographic that shows 20 cognitive biases namely:Β Anchoring Bias, Availability Heuristic, Bandwagon Effect, Blind-Spot Bias, Choice-Supportive Bias, Clustering Illusion, Confirmation Bias, Conservatism Bias, Information Bias, Ostrich Effect, Outcome Bias, Overconfidence, Placebo effect, Pro-Innovation Bias, Recency, Salience, Selective Perception, Stereotyping, Survivorship Bias, Zero-risk Bias;Β and how they affect our decision-making.

[Infographic via Business Insider; Featured Image: shutterstock]

13 comments

  1. The link to Overconfidence Effect is very interesting. Overconfidence I think can really be a problem for many people with ego Issues. It could also give some people a reality check and that maybe a good thing.

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