Intuition and Cognitive Biases
Heuristics
strategies in decision-making and problem solving
We use these bridges or “rules of thumb” when information is lacking
This system works quickly and makes associations
Reason is the secondary system in the process (slower and more reflective)
Sometimes we take the time to check our heuristic decisions with this system but sometimes we do not
It monitors corrects, overrides, or endorses our intuitive decision-making
Choices are still intuitive if they are not changed very much
E.g. our reason checked our intuition and found it accurate
We do not utilize this quality control we often find ourselves with “cognitive biases”
Cognitive Biases – systematic errors in thinking
Conformation bias: We see what we already think or believe or expect to see
Inattentional bias: We do not notice what we do not expect to notice
Hindsight bias: What we know in the present affects our interpretation of what we knew in the past – I knew it all along
Availability bias: Events or ideas that we think of frequently or quickly are seen as more likely or more significance
Affect Heuristic: The risks of a decision are seen as either good or bad based on the positive or negative emotions associated with the decision (e.g. commercials for pharmaceuticals)
Halo Effect: If x is god at y then they must be good at z and vice versa. We make unreliable connections to patterns that may or may not be valid
Sunk Coast Fallacy: We are willing to