The Biggest Bias
Behavioral scientists and researchers have identified and written about a wide array of cognitive biases. While the exact number can vary depending on the source, one of the most comprehensive lists can be found in the work of psychologists Amos Tversky and Daniel Kahneman, who have identified numerous biases as part of their research into judgment and decision-making.
The cognitive biases they and others have outlined are commonly grouped into various categories such as decision-making, belief, social, and memory biases. A well-known source that compiles these biases is the “Cognitive Bias Codex,” which features over 180 different cognitive biases.
Can you believe this?
180+ cognitive biases affecting our judgement and decision-making.
But do you know what the biggest bias is? (Hint: This one is not even featured if I am correct)
Can you take a guess?
“I am not biased.”
Another version, “These biases don’t impact my decision making. I know what I am doing. And I know all these things. I have read a lot.”
Kahneman despite of all his work identifying and defining these biases is still biased (or impacted by many biases).
What about you?
Isn’t it time to find out? Because the stock market can indeed be an expensive place to find this out.