Advertising
Advertising

Infographic: 20 Cognitive Biases That Screw Up Your Decisions

Infographic: 20 Cognitive Biases That Screw Up Your Decisions

So you think that you’re a rational person and that those psychological tricks that work on the masses won’t work on you? Well, the following infographic might shake your confidence.

Interestingly enough, the brain often likes playing tricks on us, whether we want it to or not. Before we get into the infographic, let me introduce you to some of the main cognitive biases upon which these tricks are based.

Advertising

Anchoring

When making decisions, we tend to rely too heavily on the first piece of information we receive. This fact is often exploited in marketing, particularly online. How many times have you come across something along these lines: “Buy this new product, which is normally priced at $299 for a limited-time price of $49!” That’s a phenomenal bargain, right? Once your brain is anchored to a price of $299, the $49 you might have balked at before sounds much cheaper. How often are you being anchored in your daily life?

Confirmation Bias

We tend to look for information that confirms what we believe. This is referred to as confirmation bias, and is precisely what gets us mired in our current beliefs. Our minds seek information that supports what we think, so it is hard to adopt new thoughts and beliefs. Conspiracy theorists are a perfect example of this. They often twist facts and disregard that which challenges their theories. They seek evidence that confirms their assumptions and, sure enough, they manage to find plenty of it. That said, not every conspiracy theory is automatically wrong.

Advertising

Placebo Effect

If you believe in something strongly enough, it may enter reality to a certain extent. The most famous example of the placebo effect is arguably the case of Mr. Wright, a terminally ill patient who had been given less than 2 weeks to live. The release of a new drug called Krebiozen gave him hope, and his health improved rapidly upon taking the drug.

Unfortunately, reports that the medicine might be ineffective arose, and Mr. Wright’s health suddenly deteriorated when he learned of this. His doctor noticed the pattern and decided to administer placebo injections consisting only of water while telling Mr. Wright that the injections contained a new and improved version of the medicine.

Advertising

Mr. Wright’s health improved dramatically while taking the placebo. Sadly, the American Medical Association ultimately announced that Krebiozen was completely ineffective in the treatment of cancer. Mr. Wright resultantly lost hope and died within a few days of this revelation.

Clustering Illusion

This is the tendency to see patterns in random events that are not truly related. Our mind is designed to spot patterns everywhere, even when there is no scientific evidence for them. Take sports, for instance. Sports fans often think that they can predict the success or failure of their favorite player. If they see LeBron scoring multiple free throws in a row, they start to think that he will make the next shot as well. In reality, research has shown that there is little to no link between any of the free throws, even when they occur successively.

Advertising

Survivorship Bias

Survivorship Bias occurs when we fail to adequately consider failure rates when making decisions. There are scores of entrepreneurs who failed, painters who died in poverty, and inventors who were never successful, but how often do we hear their stories? Rarely, because nobody likes to hear stories that end in failure. Such stories can be sad and depressing, but they are part of reality. Have you ever experienced Survivorship Bias in your life?

Now that you’re familiar with the most common cognitive biases, check the infographic below for more information. Are there any that have tricked you recently?

bi_graphics_20-cognitive-biases-that-screw-up-your-decisions

    Featured photo credit: 20 cognitive biases that screw up your decisions via businessinsider.com

    More by this author

    5 Differences Between Real Love And Attachment Time is Money! 10 Time Management Tips From Highly Successful People 31 Inspiring Quotes That Will Make You Love Yourself More Infographic: 20 Cognitive Biases That Screw Up Your Decisions 20 Most Thought-Provoking Quotes About Philosophy

    Trending in Communication

    1 7 Powerful Questions To Find Out What You Want To Do With Your Life 2 10 Famous Failures to Success Stories That Will Inspire You to Carry On 3 What Is Your Destiny in Life? How to Mindfully Achieve Your Purpose 4 7 Signs of an Unhappy Relationship That Makes You Feel Stuck 5 10 Things You Can Do Now to Change Your Life Forever

    Read Next

    Advertising
    Advertising

    Last Updated on September 20, 2018

    7 Powerful Questions To Find Out What You Want To Do With Your Life

    7 Powerful Questions To Find Out What You Want To Do With Your Life

    What do I want to do with my life? It’s a question all of us think about at one point or another.

    For some, the answer comes easily. For others, it takes a lifetime to figure out.

    It’s easy to just go through the motions and continue to do what’s comfortable and familiar. But for those of you who seek fulfillment, who want to do more, these questions will help you paint a clearer picture of what you want to do with your life.

    1. What are the things I’m most passionate about?

    The first step to living a more fulfilling life is to think about the things that you’re passionate about.

    What do you love? What fulfills you? What “work” do you do that doesn’t feel like work? Maybe you enjoy writing, maybe you love working with animals or maybe you have a knack for photography.

    The point is, figure out what you love doing, then do more of it.

    Advertising

    2. What are my greatest accomplishments in life so far?

    Think about your past experiences and the things in your life you’re most proud of.

    How did those accomplishments make you feel? Pretty darn good, right? So why not try and emulate those experiences and feelings?

    If you ran a marathon once and loved the feeling you had afterwards, start training for another one. If your child grew up to be a star athlete or musician because of your teachings, then be a coach or mentor for other kids.

    Continue to do the things that have been most fulfilling for you.

    3. If my life had absolutely no limits, what would I choose to have and what would I choose to do?

    Here’s a cool exercise: Think about what you would do if you had no limits.

    If you had all the money and time in the world, where would you go? What would you do? Who would you spend time with?

    Advertising

    These answers can help you figure out what you want to do with your life. It doesn’t mean you need millions of dollars to be happy though.

    What it does mean is answering these questions will help you set goals to reach certain milestones and create a path toward happiness and fulfillment. Which leads to our next question …

    4. What are my goals in life?

    Goals are a necessary component to set you up for a happy future. So answer these questions:

    Once you figure out the answers to each of these, you’ll have a much better idea of what you should do with your life.

    5. Whom do I admire most in the world?

    Following the path of successful people can set you up for success.

    Think about the people you respect and admire most. What are their best qualities? Why do you respect them? What can you learn from them?

    Advertising

    You’re the average of the 5 people you spend the most time with.[1] So don’t waste your time with people who hold you back from achieving your dreams.

    Spend more time with happy, successful, optimistic people and you’ll become one of them.

    6. What do I not like to do?

    An important part of figuring out what you want to do with your life is honestly assessing what you don’t want to do.

    What are the things you despise? What bugs you the most about your current job?

    Maybe you hate meetings even though you sit through 6 hours of them every day. If that’s the case, find a job where you can work more independently.

    The point is, if you want something to change in your life, you need to take action. Which leads to our final question …

    Advertising

    7. How hard am I willing to work to get what I want?

    Great accomplishments never come easy. If you want to do great things with your life, you’re going to have to make a great effort. That will probably mean putting in more hours the average person, getting outside your comfort zone and learning as much as you can to achieve as much as you can.

    But here’s the cool part: it’s often the journey that is the most fulfilling part. It’s during these seemingly small, insignificant moments that you’ll often find that “aha” moments that helps you answer the question,

    “What do I want to do with my life?”

    So take the first step toward improving your life. You won’t regret it.

    Featured photo credit: Andrew Ly via unsplash.com

    Reference

    Read Next