Essay On Cognitive Bias

Cognitive bias is tendencies to think in certain ways that can lead to systematic deviations from a standard of rationality or good judgment, and are often studied in psychology and behavioral economics. There are many types of cognitive bias that has been defined, but there are four types that impact my decisions.
The first cognitive bias is the bandwagon effect is a phenomenon whereby the rate of uptake of beliefs, ideas, fads and trends increases the more that they have already been adopted by others. Simply mean that the more people into the belief your intentions will go along with them, which a powerful groupthink. A good example is how people view about sports. Football has fans and when the time for the super bowl everyone has to choose a side and this causes a large groupthink about which team will win and what are the outcomes, which I tend to choose the one with the most media.
Second is stereotyping, which is a thought that can be adopted about specific types of individuals or certain ways of doing things. These thoughts or beliefs may or may not accurately reflect reality. Stereotyping is very common cognitive bias because almost everyone does it without know they are doing it, while it can be used to identify strangers quickly if they are friend or enemy. An example of a stereotype bias is I went go to a store and needed …show more content…
Negativity bias refers to the notion that, even when of equal intensity, things of a more negative nature have a greater effect on one's psychological state and processes than do neutral or positive things. Means that you remember the negative more than the positive. Customer service can have an great impact, for my negativity bias was at a car dealer ship which I was shopping for a vehicle, but the salesman was being really rude and would not leave me alone, so I to another dealership to make the purchase because that person did not keep pushing me to get the vehicle