Cognitive biases are more interesting than then they seems to be…….. fantasy castle behind the maze!!!

Last few weeks I had a chance to learn about cognitive biases which influence our prospective. A cognitive bias is a type of error in thinking which occurs when we are interpreting or evaluating the information in the world around us. The cognitive biases are often as result of error memory, social attribution, miscalculations or holding onto one’s preference and beliefs regardless of contrary information. When we are making decisions about something; we are likely to think that we are objective, logical and capable of thinking in. However, our decisions are influenced by a wide variety of biases, which we are unaware of. Our brains are remarkable and powerful, but certainly subject to limitations.  If you would like to dig into the cognitive biases I suggest you to click on this link  “ http://io9.com/5974468/the-most-common-cognitive-biases-that-prevent-you-from-being-rational” I am sure you will answer some of your ambiguous questions to yourself.

We as a group were assigned three types out of twelve cognitive biases that Troy, our teacher, presented to us. Our group got to discuss deeply and come up with a summary for each of these three biases: status-Quo Bias, negativity bias and bandwagon effect. Among the three biases, I would like to talk more about status-quo bias; the bias that many people agree on they are having but don’t pay much attention on it in order to clarify whether it is okay let this bias influences us or not.

The status quo bias is a cognitive bias that drives people prefer things around them remain the same or they may change as little as possible; if they absolutely must be altered. These kind of people are afraid of changing; they are having unwarranted assumption that coming along with the new choices will make things worse than they are being currently. Due to most people prioritize avoiding the potential for loss over pursuing the potential for gain. In other words, they don’t want to lose the gains they have made. This cognitive bias plays a role in numerous fields such as economic, political science, psychology or even daily routine. 

In economics, the status bias explains how people make a conservative financial choice. People like to keep their deposit at the same bank even when there is a brand new bank offers a better rate of interest. They are afraid of the bank doing some deceived marketing to get their money or even worse they think new bank is unreliable and it easily to be bankrupt.  In addition, the status quo bias also plays a role in daily routines; many people eat the same food for breakfast or lunch day after day. They are stick to same routines without variation. For instance, going to work on the same way, getting to the same restaurant and order the same dish. Once they choose new way to go to work or new dish to eat and if bad things happen with them; they will blame the new decision that they made. Although, the bad things weren’t caused by choosing the new choices, it is because of their careless of driving or eating food. They will still regret the decisions that they made, so the potential to choose the new choice for next time is less.

When we think about our lives, there are many things change and many choices have to be made. At this situation, status quo bias gets in between us and decision; it can provide a certain amount of self-protection by encouraging people to make a securer choices. On the other hands, it is okay to maintain the same but we have to realize that our lives cannot always stick with the same route. The world is changing and we have to adapt as well; life means to take risk, doesn’t it, in order to improve. However, not every single decision has to be made rationally; in the deficiency time and less effort we have to ask status quo bias for help.