Confirmation bias describes the tendency to look for, or interpret information in a way that is consistent with one’s existing beliefs.
Confirmation bias is where people seek, interpret and remember information in a way that confirms their existing ideas. It is often unintentional and results in ignoring information that goes counter to one’s convictions. Existing beliefs can include one’s expectations in a given situation and predictions about a particular outcome. Confirmation bias is especially pronounced where information supports when an issue is perceived as relevant or important for an individual.
What to watch out for
❌ Challenge your own convictions:
When developing hypotheses for important questions make sure to avoid confirmation bias. One popular way to do this is to … In a team you can use methods like “red-team-blue-team” or “pre-mortems”. In the former you assign random people to argue for a certain decision and others to argue against it. In a pre-mortem you collectively outline a hypothetical in which the conviction you hold was false and led to a bad decision. Both methods force you to take the other side of the argument and thus challenge your convictions.
❌ Hold yourself accountable:
Use quantifiable KPIs to determine whether you made a good or bad decision. This way you can hold yourself accountable for adverse outcomes. But watch out: Your confirmation bias might lead you to measure only KPIs that paint a positive picture of the situation. Be honest with yourself and select only KPIs that truly matter to the issue at hand.
Sources & further reading
- Thinking fast and slow
Find out more about Behavioral Effects
The endowment effect describes buyers' tendency to value a good higher once they own it. In pricing, a free subscription period t....
The default nudging effect describes the predictable altering of user behavior through positive reinforcement....
Preference for the Middle Option
The preference for the middle option, or "compromise effect", describes a buyer's tendency to choose....
A price anchor sets buyer expectation at a certain price level. This is often used to make the list price look comparatively cheaper...
Buyers perceive prices below price thresholds significantly lower than they actually are. Studies find that the use of price thresholds ...
Social desirablility Bias
Social desirability bias reflects respondents' propensity to answer what is perceived as socially acceptable, rather than the...
The Power of Free
The Power of Free or “Zero Price Effect” describes the phenomenon that people tend to choose a product if it includes a free element...
Time pressure bias
Time pressure causes a higher propensity of decision makers to shift from logical and rational processes to intuitive processes...