Heuristics and Cognitive Bias

Heuristics are “mental shortcuts” that make thinking easier, such as a rule of thumb, or past experience.  But they can lead to cognitive biases.

Examples are:

  • Frequency illusion: When shopping for car, a Tesla for example….you tend to see them everywhere, but didn’t notice before.
  • Confirmation bias: We look for and notice messages about our preferred best food, best car make, etc., but discount information that is contrary to our beliefs.
  • Anchoring bias: The tendency to be overly influenced by the first piece of information we receive.  The first number voiced during a price negotiation become the anchoring point for all further negotiations.
Illustration of a brain