Cognitive bias in marketing research is not new. However, the study of how cognitive bias impacts decision making has gained popularity in recent years thanks to publications including Thinking, Fast and Slow by Daniel Kahneman and Predictably Irrational by Dan Ariely. At W5, we have to how consider cognitive bias can affect how we design, understand, and analyze data.
What Is Cognitive Bias?
A cognitive bias is a mistake in reasoning, evaluating, remembering, or other cognitive process, often occurring as a result of holding onto one’s preferences and beliefs regardless of contrary information. Psychologists study cognitive biases as they relate to memory, reasoning, and decision-making.
Business Insider rounded up the most common biases that mess up our decision making to remind us that we make thousands of rational decisions every day—or so we think. Which cognitive bias are you guilty of?