50 Cognitive Biases in the Modern World

Original Source: Visual Capitalist

Cognitive biases are widely accepted as something that makes us human.

Every day, systematic errors in our thought process impact the way we live and work. But in a world where everything we do is changing rapidly—from the way we store information to the way we watch TV—what really classifies as rational thinking?

It’s a question with no right or wrong answer, but to help us decide for ourselves, today’s infographic from TitleMax lists 50 cognitive biases that we may want to become privy to.

In the name of self-awareness, here’s a closer look at three recently discovered biases that we are most prone to exhibiting in the modern world.

Automation Bias

AI-infused applications are becoming incredibly good at “personalizing” our content, but will there come a time when we let algorithms make all of our decisions?

Automation bias refers to the tendency to favor the suggestions of automated systems.

Take Netflix, for example. Everything we see on the platform is the result of algorithms—even the preview images that are generated. Then, to harness the power of data and machine learning, Netflix categorizes its content into tens of thousands of micro-genres. Pairing these genre tags with a viewer’s history allows them to assign several of over 2,000 “taste profiles” to each user.

And while there’s nothing wrong with allowing Netflix to guide what we watch, there’s an enormous sea of content standing by. Estimates from 2015 claimed it would take nearly four years to watch all of Netflix’s content. Thousands more hours of content have since been added.

If we want to counter this cognitive bias, finding a new favorite series on platforms like Netflix may require some good old-fashioned human curiosity.

The Google Effect

Also known as “digital amnesia”, the aptly named Google Effect describes our tendency to forget information that can be easily accessed online.

First described in 2011 by Betsy Sparrow (Columbia University) and her colleagues, their paper described the results of several memory experiments involving technology.

In one experiment, participants typed trivia statements into a computer and were later asked to recall them. Half believed the statements were saved, and half believed the statements were erased. The results were significant: participants who assumed they could look up their statements did not make much effort to remember them.

Because search engines are continually available to us, we may often be in a state of not feeling we need to encode the information internally. When we need it, we will look it up.

– Sparrow B, et al. Science 333, 777 (2011) 

Our modern brains appear to be re-prioritizing the information we hold onto. Notably, the study doesn’t suggest we’re becoming less intelligent—our ability to learn offline remains the same.

The IKEA Effect

Identified in 2011 by Michael Norton (Harvard Business School) and his colleagues, this cognitive bias refers to our tendency to attach a higher value to things we help create.

Combining the Ikea Effect with other related traits, such as our willingness to pay a premium for customization, is a strategy employed by companies seeking to increase the intrinsic value that we attach to their products.

For instance, American retailer Build-A-Bear Workshop is anchored around creating a highly interactive customer experience. With the help of staff, children (or adults) can assemble their stuffed animals from scratch, then add clothing and accessories at extra cost.

Nike also incorporates this bias into its offering. The footwear company offers a Nike By You line of customizable products, where customers pay a premium to design bespoke shoes with an extensive online configurator.

While there’s nothing necessarily wrong with our susceptibility to the Ikea Effect, understanding its significance may help us make more appropriate decisions as consumers.

What Can We Do?

As we navigate an increasingly complex world, it’s natural for us to unconsciously adopt new patterns of behavior.

Becoming aware of our cognitive biases, and their implications, can help us stay on the right course.

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Angela

Angela

Angela Hood, a serial entrepreneur from Austin, Texas, developed Ai4JOBS after years of research, development, and incubation at the University of Cambridge ideaSpace in England. Now operating across the world, ‘Ai4JOBS by ThisWay’ provides employers, recruiters, and staffing agencies with a suite of solutions that delivers unbiased job-to-candidate matching technology. ThisWay’s acclaimed technology and ethics-based methodologies help both businesses and individuals find greater success in the job world, through matching that matters. Hood’s passion around building unbiased technology was born from her own experience working as a field engineer and project manager in the construction and land development industries. She is a business and recognized thought leader in the fields of artificial intelligence, entrepreneurship and the ROI of diversity. Her groundbreaking work in artificial intelligence and de-biasing is often referenced in international research and is featured in a Simon & Schuster book being released in August 2019.