Missing data can be a major cause of misrepresentation, whereby certain groups of people are more likely to have missing data. This can lead to biased decisions as you do not take into account all the necessary information. This makes confirmation bias a potentially serious problem that must be overcome when a statistically based decision is to be made. As we showed above, confirmation bias occurs when you seek information that supports your existing beliefs and reject data that goes against what you believe. [Sources: 0, 6]
This bias is the tendency to jump to conclusions, that is, to base the final judgment on information obtained at the beginning of the decision-making process. Thus, you interpret market information in such a way as to confirm your biases – instead of seeing them objectively – and, therefore, make the wrong decisions. Background and History Confirmation bias is an example of how people sometimes process information in an illogical and distorted way. [Sources: 4, 6]
The process of making decisions and processing information by people is often biased, because people simply interpret information from their point of view. People need to make sense of information quickly, and it takes time to form new explanations or beliefs. We have adapted to take the path of least resistance, often out of necessity. [Sources: 4, 5]
In life, we often face situations where we need to make decisions under imperfect information, and we unknowingly rely on prejudice or prejudice. In this book, Kahneman reveals some of the most common biases we face when making decisions. Cognitive Bias and Bad Decisions-This Atlantic article explores the way the human brain tricks itself into making wrong decisions based on information based on bias. [Sources: 1, 7]
Bias Information Handbook-Bias Detection-This interesting resource from the University of Wisconsin Green Bay covers topics related to information bias, including how to research and test the authenticity and content of opinions. In this article, we will examine common types of biases and outline what you can do to avoid them. In the past 6 years, cognitive science, social psychology, and behavioral economics research on human judgment and decision-making has revealed a series of constantly changing cognitive biases. [Sources: 1, 6, 9]
Cognitive bias is an unconscious thinking error that leads to misunderstanding of external information and affects the rationality and accuracy of decision-making and judgment. Cognitive bias is the limitation of objective thinking caused by the tendency of the human brain to perceive information through personal experience and preference filtering. When we receive approximately 11 million bits of information per second, the brain’s attempts to simplify information processing often lead to cognitive biases, but we can only process approximately 40 bits of information per second (Orzan et al., 2012). This is because you are using a sophisticated cognitive machine to analyze information, which also processes every experience in your life. [Sources: 3, 9, 12]
These biases affect the information you look at, what you remember about past decisions, and the sources you choose to trust when looking for options. These biases distort thinking, influence beliefs, and influence the decisions and judgments people make every day. Many researchers speculate that unconscious bias occurs automatically when the brain makes quick judgments based on past and background experience. [Sources: 2, 3, 15]
Psychological prejudice is contrary to common sense and clear and balanced judgment. Cognitive errors in the way people process and analyze information can lead to unreasonable decisions, which can negatively affect business or investment decisions. Unlike emotional prejudice, cognitive errors have nothing to do with emotions, but are more related to the way the human brain has evolved. [Sources: 6, 11]
Again, these biases appear to simplify the complex world and make information processing faster and easier. The main types of information bias include misclassification bias, observer bias, memory bias and signal bias. This may be a mistake in observational research, especially retrospective research, but it can also affect experimental research. [Sources: 0, 12]
More generally, deviations refer to any deviations in the process of data collection, analysis, interpretation, and release that lead to conclusions that systematically underestimate or overestimate the truth between a specific exposure and a specific disease or any other result. Relationship [2]. Bias is any error caused by the method that researchers use to recruit researchers, factors that affect participation in the study (selection bias), or systematic bias in the collection of exposure and disease information (information bias). Information bias refers to any systematic deviation from the truth that results from collecting, recalling, recording, and managing information (including how to deal with missing data) in research. [Sources: 0, 14]
On the other hand, bias or bias reflects a problem in the validity of the study and arises from any bias caused by the methods used by the researcher in selecting subjects for the study, factors affecting participation in the study (selection bias), or bias in the collection of information about impact and results (information error). Since the selection of participants is not random, the credibility of the research can be compromised as a result. Selection bias occurs due to any selection bias in research participants and / or factors that influence participation in the research. This bias occurs when a researcher decides what type of person or the number of persons to participate in the research. [Sources: 10, 14]
Once an opinion is formed, new information obtained in litigation is likely to be processed in accordance with confirmation bias, which could lead to unfair verdicts. Importance Confirmation bias is important because it can cause people to forcibly hold false beliefs or give more weight to information that supports their beliefs than the evidence supports. Confirmation bias causes people to ignore or deny information that is contrary to their beliefs. Confirmation bias, in which people seek information to support existing beliefs, discarding or discarding information that might contradict them. [Sources: 3, 4, 11]
This prejudice is difficult to overcome, but actively seeking conflicting information or conflicting opinions can help eliminate it. This biased decision-making method is largely unintentional and often leads to conflicting information being ignored. This prejudice is based on seeking or reassessing information that confirms our beliefs or expectations (Edgar and Edgar, 2016; Nixon, 1998). By interacting with people they believe to have certain personalities, they will ask questions of those who prejudice the beliefs of the recipient. [Sources: 4, 7, 11]
People are better able to process information rationally, giving equal weight to multiple points of view if they are emotionally distant from the problem (although low confirmation bias can still occur when the person has no vested interests). [Sources: 4]
Anchor bias is the human tendency to “rely too much on the first information offered when making decisions.” Anchor Offset Anchor Offset is closely related to decision making and occurs when we rely too heavily on pre-existing information or first information (anchor) to make a decision. Once the anchor is established, other judgments are made by moving away from that anchor, and bias arises in interpreting other information around the anchor. Anchoring or focusing Anchoring shifting The tendency to rely too heavily on or “anchor” a line or piece of information when making decisions (this is usually the first information received on this issue). [Sources: 10, 12, 15]
— Slimane Zouggari
##### Sources #####
[0]: https://catalogofbias.org/biases/information-bias/
[1]: https://guides.monroeccc.edu/c.php?g=1129182
[2]: https://www.verywellmind.com/cognitive-biases-distort-thinking-2794763
[3]: https://www.healthline.com/health/mental-health/cognitive-bias
[4]: https://www.britannica.com/science/confirmation-bias
[5]: https://thedecisionlab.com/biases/confirmation-bias/
[6]: https://www.mindtools.com/pages/article/avoiding-psychological-bias.htm
[7]: https://positivepsychology.com/cognitive-biases/
[8]: https://www.interaction-design.org/literature/topics/cognitive-biases
[9]: https://www.techtarget.com/searchenterpriseai/definition/cognitive-bias
[10]: https://uxdesign.cc/cognitive-biases-you-need-to-be-familiar-with-as-a-researcher-c482c9ee1d49
[11]: https://www.investopedia.com/articles/investing/022015/how-cognitive-bias-affects-your-business.asp
[12]: https://www.simplypsychology.org/cognitive-bias.html
[13]: https://tactics.convertize.com/definitions/information-bias
[14]: https://www.karger.com/Article/Fulltext/312871
[15]: https://en.wikipedia.org/wiki/List_of_cognitive_biases