Types of Cognitive Biases

There are many types of different cognitive bias. With many different forms of deviations from rational judgments, it is important to understand the many types of cognitive biases.

Types of Cognitive Bias:

  • False priors
  • Prospect theory
  • Anchoring bias
  • Availability bias
  • Confirmation bias
  • Extension neglect
  • Truthiness
  • Logical fallacy
  • Apophenia
  • Framing effect
  • Egocentric bias
  • Familiarity principle
  • Attribution bias
  • Association fallacy
  • Conformity bias
  • Cognitive dissonance

Classification

There are many cognitive biases that fall under each type of bias, with some being belief, decision, social or behavioral based in nature.

Usage

Biases are often used for psychological and behavioral economic research, however they can also be applied to business, as well as our own lives.

Notable examples include Elon Musk’s usage of first principle reasoning in order to create a more cost-effective battery. Eliminating prior judgements and biases to get to a root truth. This understanding of biases is also useful when reframing problems.

Every type of cognitive bias plays out in our daily lives, politics, and has done so in the history of human civilization. So gaining a better understanding of each allows us to better avoid erroneous judgements.

Tags: Cognitive Bias, Rationality, Biases, Heuristics



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