Behavioural Biases For Individuals


This article touches on an important topic, Behavioral Biases for Individuals. Think about how it applies to you while reading, and feel free to reach out to me with any questions. As individuals we are experiencing two types of biases: cognitive errors and emotional biases. Cognitive errors stem mostly from faulty reasoning and can be divided into two major categories: first category is belief perseverance biases closely related to the concept of cognitive dissonance, where one will ignore or do whatever it takes to avoid contradictory information with his existing cognitions, and the second category is information processing biases which are born from information being processed and used illogically or irrationally. Emotional biases are the result of feelings and experiences influencing our reasoning. Both, cognitive and emotional biases may cause decisions to deviate from what should be rational decisions. But how do we understand, change or work with our biases?

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