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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.

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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.

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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.

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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.

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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

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    Last Updated on July 18, 2019

    What Makes People Happy? 20 Secrets of “Always Happy” People

    What Makes People Happy? 20 Secrets of “Always Happy” People

    Some people just seem to float through life with a relentless sense of happiness – through the toughest of times, they’re unfazed and aloof, stopping to smell the roses and drinking out of a glass half full.

    They may not have much to be happy about, but the simplicity behind that fact itself may make them happy.

    It’s all a matter of perspective, conscious effort and self-awareness. Listed below are a number of reasons why some people are always happy.

    1. They Manage Their Expectations

    They’re not crushed when they don’t get what they want – or misled into expecting to get the most out of every situation. They approach every situation pragmatically, hoping for the best but being prepared for the worst.

    2. They Don’t Set Unrealistic Standards

    Similar to the last point, they don’t live their lives in a constant pursuit towards impossible visions of perfection, only to always find themselves falling short of what they want.

    3. They Don’t Take Anything for Granted

    Happiness rests with feeling fulfilled – those who fail to stop and appreciate what they have every now and again will never experience true fulfillment.

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    4. They’re Not Materialistic

    There are arguing viewpoints on whether or not money can really buy happiness; if it can, then we know from experience that we can never be satisfied because there will always be something newer or better that we want. Who has ever had enough money?

    5. They Don’t Dwell

    They don’t sweat the small things or waste time worrying about things that don’t really matter at the end of the day. They don’t let negative thoughts latch onto them and drain them or distract them. Life’s too short to worry.

    6. They Care About Themselves First

    They’re independent, care for themselves and understand that they must put their needs first in order to accommodate the needs of others.

    They indulge, aim to get what they want, make time for themselves and are extremely self-reliant.

    7. They Enjoy the Little Things

    They stop to smell the roses. They’re accustomed to find serenity when it’s available, to welcome entertainment or a stimulating discussion with a stranger when it crosses their path. They don’t overlook the small things in life that can be just as important.

    8. They Can Adapt

    They’re not afraid of change and they work to make the most out of new circumstances, good or bad. They thrive under pressure, are not overwhelmed easily and always embrace a change of pace.

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    9. They Experiment

    They try new things, experience new flavors and never shy away from something they have yet to experience. They never order twice from the same menu.

    10. They Take Their Time

    They don’t unnecessarily rush through life. They work on their own schedule to the extent that they can and maneuver through life at their own relaxing pace.

    11. They Employ Different Perspectives

    They’re not stuck in one perspective; a loss can result in a new opportunity, hitting rock bottom can mean that there’s no where to go but up.

    12. They Seek to Learn

    Their constant pursuit of knowledge keeps them inspired and interested in life. They cherish information and are on a life-long quest to learn as much as they can.

    13. They Always Have a Plan

    They don’t find themselves drifting without purpose. When something doesn’t go as planned, they have a plan for every letter in the alphabet to fall back on.

    14. They Give Respect to Get It

    They are respectful and, in turn, are seen as respectable; the respect they exude earns them the respect they deserve.

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    15. They Consider Every Opportunity

    They always have their eyes open for a new road, a new avenue worth exploring. They know how to recognize opportune moments and pounce on them to make the most of every situation. Success is inevitable for them.

    16. They Always Seek to Improve

    Perpetual self-improvement is the key towards their ongoing thirst for success. Whatever it is they do, they take pride in getting better and better, from social interactions to mundane tasks. Their pursuit at being the best eventually materializes.

    17. They Don’t Take Life Too Seriously

    They’re not ones to get offended easily over-analyze or complicate matters. They laugh at their own faults and misfortunes.

    18. They Live in the Moment

    They don’t live for tomorrow or dwell on what may have happened yesterday. Every day is a new opportunity, a new chapter. They live in the now, and in doing so, get the most out of every moment.

    You can learn how to do so too: How to Live in the Moment and Stop Worrying About the Past or Future

    19. They Say Yes

    Much more often than they say no. They don’t have to be badgered to go out, don’t shy away from new opportunities or anything that may seem inconvenient.

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    20. They’re Self-Aware

    Most important, they’re wholly aware of themselves. They self-reflect and are conscious of their states of mind. If somethings bothering them, they fix it.

    We’re all susceptible to feeling down every now and again, but we are all equipped with the necessary solutions that just have to be discovered.

    Lack of confidence, inability to feel fulfilled, and susceptibility to stress are all matters that can be controlled through the way we handle our lives and perceive our circumstances.

    Learn about How Self-Reflection Gives You a Happier and More Successful Life.

    Final Thoughts

    The main philosophy employed by the happiest includes the idea that life’s simply too short: life’s too short to let things get you down, to take things for granted, to pursue absolute and unrealistic perfection.

    For some, employing these characteristics is a second nature – they do it without knowing. For others, a conscious effort must be put forth every now and again. Self-Awareness is key.

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    Featured photo credit: Charles Postiaux via unsplash.com

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