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18 Cognitive Bias Examples Show Why Mental Mistakes Get Made

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18 Cognitive Bias Examples Show Why Mental Mistakes Get Made

18 Cognitive Bias Examples

View the high resolution version of today’s graphic by clicking here.

Out of the 188 cognitive biases that exist, there is a much narrower group of biases that has a disproportionately large effect on the ways we do business.

These are things that affect workplace culture, budget estimates, deal outcomes, and our perceived return on investments within the company.

Mental mistakes such as these can add up quickly, and can hamper any organization in reaching its full bottom line potential.

Cognitive Bias Examples

Today’s infographic from Raconteur aptly highlights 18 different cognitive bias examples that can create particularly difficult challenges for company decision-making.

The list includes biases that fall into categories such as financial, social, short term-ism, and failure to estimate:

Financial biases
These are imprecise mental shortcuts we make with numbers, such as hyperbolic discounting – the mistake of preferring a smaller, sooner payoff instead of a larger, later reward. Another classic financial cognitive bias example is the “Ostrich effect”, which is where one sticks their head in the sand, pretending that negative financial information simply doesn’t exist.

Social biases
Social biases can have a big impact on teams and company culture. For example, teams can bandwagon (when people do something because other people are doing it), and individual team members can engage in blind spot bias (viewing oneself as less biased than others). These both can lead to worse decision-making.

Short Term-isms
One way to ensure a business that doesn’t last? Engage in short term-isms – fallacies that gear your business towards decisions that can be rationalized now, but that don’t add any long-term value. Status quo bias and anchoring are two ways this can happen.

Failure to Estimate
So much about business relies on making projections about the future, and the biases in this category make it difficult to make accurate estimates. Cognitive bias examples here include the availability heuristic (just because information is available, means it must be true), and the gambler’s fallacy (future probabilities are altered by past events).

Want more on cognitive biases? Here are five main biases that impact investors, specifically.

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Maps

Mapped: North America Population Patterns by Density

Nearly half a billion people live on the third-largest continent. We take a closer look in this population map of North America.

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A map of North America along with its population patterns.

Mapped: North America Population Patterns by Density

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

From the icy expanses of the Arctic to the warm Caribbean sea, the North American continent covers nearly 25 million square kilometers, or about 15% of the Earth’s land area. Populating this vast region are nearly half a billion people, spread out from coast to valley, along the edges of arid scrublands and rainforests.

We visualize a map of North America population patterns, including Central America and the Caribbean, with spikes illustrating densely populated areas.

Data for this map is sourced from Statistics Canada, the World Bank, and WorldPop—a research group based out of the University of Southampton that tracks population growth and movement across the globe.

Ranked: Countries and Territories by Population Density

Deep in the Atlantic, seen as a small dot near Haiti on the map, the island state of Bermuda is the most densely populated jurisdiction on the continent. Measuring just 53 km² in area, and home to 65,000 people, results in an average population density of 1,266 people per km².

Also in the Caribbean, Barbados ranks second with an average population density 647 people/km², followed by Puerto Rico, ranked third-highest at 430 people/km², despite its much larger area—9,104 km².

RankCountry/TerritoryAverage Population
Density (per km²)
Area (km²)
1🇧🇲 Bermuda1,22653
2🇧🇧 Barbados647431
3🇵🇷 Puerto Rico4309,104
4🇲🇶 Martinique3931,100
5🇦🇼 Aruba370193
6🇸🇻 El Salvador31821,040
7🇻🇮 Virgin Islands308352
8🇻🇨 Saint Vincent &
the Grenadines
302389
9🇭🇹 Haiti29227,750
10🇱🇨 Saint Lucia269616
11🇬🇵 Guadeloupe2521,780
12🇯🇲 Jamaica24810,991
13🇧🇶 Netherlands Antilles229960
14🇹🇹 Trinidad & Tobago2125,128
15🇩🇴 Dominican Republic18348,730
16🇰🇾 Cayman Islands168262
17🇦🇬 Antigua & Barbuda155443
18🇰🇳 Saint Kitts & Nevis149261
19🇻🇬 British Virgin Islands147153
20🇬🇹 Guatemala134108,890
21🇦🇮 Anguilla129102
22🇨🇺 Cuba102110,860
23🇩🇲 Dominica91754
24🇲🇸 Montserrat91102
25🇨🇷 Costa Rica7851,100
26🇭🇳 Honduras62112,090
27🇲🇽 Mexico531,972,550
28🇹🇨 Turks &
Caicos Islands
47430
29🇳🇮 Nicaragua42129,494
30🇵🇦 Panama3878,200
31🇺🇸 U.S.319,629,091
32🇵🇲 Saint-Pierre
& Miquelon
28242
33🇧🇸 The Bahamas2113,940
34🇧🇿 Belize1222,966
35🇨🇦 Canada39,984,670
36🇬🇱 Greenland02,166,086
37🇺🇸 Navassa Island05.2

Source: WorldAtlas.

Naturally the largest countries on the continent—Canada, the U.S., and Mexico—have some of the lowest average population densities compared to other nations in the region.

However, thanks to their size, their overall population distribution is more apparent on a map of this scale. In Canada, the Greater Toronto Area is home to one-fifth the country’s entire population. In stark contrast, the rest of the country seems almost empty—averaging just 3 people/km².

Major U.S. cities—New York, Chicago, and San Francisco—also stand out, though the more regular dispersion of Americans, particularly in the Northeast, South, and Midwest can also be seen.

Interestingly, Monterrey in Mexico jumps out on the map; the city is built at the foot of Cerro de la Silla, and several districts are densely populated as a result.

Ranked: Continents by Population Density

How does North America compare to the other continents by population density?

Unsurprisingly, thanks to its large land area, as well as comparatively smaller population, North America is one of the least densely populated continents in the world, beaten only by Oceania, which averages 5 people/km², and Antarctica.

RankContinentAverage Population
Density (per/km²)
1Asia149
2Africa49
3Europe32
4South America25
5North America25
6Oceania5
7Antarctica0

Source: World Population Review

In comparison, Asia, while being the largest continent, is also home to 60% of the global population, and averages 149 people/km².

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