What are cognitive biases in risk evaluation?

What are cognitive biases in risk evaluation?

Cognitive biases are systematic patterns of deviation from norm or rationality in judgment, affecting how we assess risks.

Can you give me some examples of these biases?

Sure! Examples include confirmation bias, where we favor information that confirms our preconceptions, and availability heuristic, where we judge the likelihood of events based on how easily examples come to mind.

How do these biases impact decision-making?

They can lead to poor decision-making by distorting our perception of risk, causing us to underestimate or overestimate potential outcomes.

What can be done to mitigate these biases?

To mitigate these biases, one can seek diverse perspectives, rely on data-driven analysis, and practice critical thinking.