Cognitive Biases
A totally rational person (enter Mr. Spock) would collect a lot of information, analyze many alternatives and only then arrive at the best decision. However, what we typically do is ration our time by using shortcuts, like rules of thumb, past experiences, recent events, etc.; we satisfice. Because we are not totally rational human beings, we have cognitive limitations. These biases affect our perspectives, decisions and actions. Everyone has them and most are based on our individual life experiences. But wait, there’s more
Posted by Wayne Goulding