Question

Which of the cognitive biases that are discussed in Chapter 1 of our text do you think you might be most subject to? Why?

What are some other psychological tendencies that you have that might interfere with your objectivity of your thinking? For example, do you tend to be overly-generous or selfish? Explain your answers thoroughly

Answer 1

Cognitive bias is a pattern which is systematic. It is a pattern of deviation from rationality in judgement or any norm. A subjective reality is created by the individuals from the perception of the inputs. Bias which is based on personal likes and dislikes, which is opppsed to obejective bias is called the Subjective Bias. It is also based on the subjective reality. The most common types of cognitive biases are as follows:

1. Confirmation Bias.

2. Anchoring effect Bias

3. Bandwagon effect Bias

4. Ambiguity effect Bias

5. Status quo Bias.

Psychological bias is also known as the cognitive biases. Making decisions and taking actions in an illogical way is involved in psychological bias. The opposite of clear and common sense and measured judgement is known for psychological bias.

Among many psychological biases, Confirmation bias is the one which is susceptible when decision making is done.

The most common Psychological tendencies which interfere in thinking are:

1. Confirmation Bias.

2. Anchoring

3. Overconfidence bias

4. Fundamental attribution error

5. Gambler’s fallacy

Our own feeling content results in Generosity. It may be also said as the result of feeling full. On the other hand, the result of feeling empty is Selfishness. Generosity may be an important virtue, whereas selfishness is to be privileged. The two concept totally depends on the person to person, for one person, selfish can sometimes be generous and for another person, generous can be selfish.

Further,when we only give what our heart and soul truly motivate to offer, it is said to be Selfish- generosity. By doing this way, we are filled and not emptied. Or in the other sense one’s giving is receiving itself.