Infographic: 50 Cognitive Biases in the Modern World
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50 Cognitive Biases in the Modern World

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50 Cognitive Biases in the Modern World

50 Cognitive Biases in the Modern World

Cognitive biases are widely accepted as something that makes us human.

Every day, systematic errors in our thought process impact the way we live and work. But in a world where everything we do is changing rapidly—from the way we store information to the way we watch TV—what really classifies as rational thinking?

It’s a question with no right or wrong answer, but to help us decide for ourselves, today’s infographic from TitleMax lists 50 cognitive biases that we may want to become privy to.

In the name of self-awareness, here’s a closer look at three recently discovered biases that we are most prone to exhibiting in the modern world.

Automation Bias

AI-infused applications are becoming incredibly good at “personalizing” our content, but will there come a time when we let algorithms make all of our decisions?

Automation bias refers to the tendency to favor the suggestions of automated systems.

Take Netflix, for example. Everything we see on the platform is the result of algorithms—even the preview images that are generated. Then, to harness the power of data and machine learning, Netflix categorizes its content into tens of thousands of micro-genres. Pairing these genre tags with a viewer’s history allows them to assign several of over 2,000 “taste profiles” to each user.

And while there’s nothing wrong with allowing Netflix to guide what we watch, there’s an enormous sea of content standing by. Estimates from 2015 claimed it would take nearly four years to watch all of Netflix’s content. Thousands more hours of content have since been added.

If we want to counter this cognitive bias, finding a new favorite series on platforms like Netflix may require some good old-fashioned human curiosity.

The Google Effect

Also known as “digital amnesia”, the aptly named Google Effect describes our tendency to forget information that can be easily accessed online.

First described in 2011 by Betsy Sparrow (Columbia University) and her colleagues, their paper described the results of several memory experiments involving technology.

In one experiment, participants typed trivia statements into a computer and were later asked to recall them. Half believed the statements were saved, and half believed the statements were erased. The results were significant: participants who assumed they could look up their statements did not make much effort to remember them.

Because search engines are continually available to us, we may often be in a state of not feeling we need to encode the information internally. When we need it, we will look it up.

– Sparrow B, et al. Science 333, 777 (2011) 

Our modern brains appear to be re-prioritizing the information we hold onto. Notably, the study doesn’t suggest we’re becoming less intelligent—our ability to learn offline remains the same.

The IKEA Effect

Identified in 2011 by Michael Norton (Harvard Business School) and his colleagues, this cognitive bias refers to our tendency to attach a higher value to things we help create.

Combining the Ikea Effect with other related traits, such as our willingness to pay a premium for customization, is a strategy employed by companies seeking to increase the intrinsic value that we attach to their products.

For instance, American retailer Build-A-Bear Workshop is anchored around creating a highly interactive customer experience. With the help of staff, children (or adults) can assemble their stuffed animals from scratch, then add clothing and accessories at extra cost.

Nike also incorporates this bias into its offering. The footwear company offers a Nike By You line of customizable products, where customers pay a premium to design bespoke shoes with an extensive online configurator.

While there’s nothing necessarily wrong with our susceptibility to the Ikea Effect, understanding its significance may help us make more appropriate decisions as consumers.

What Can We Do?

As we navigate an increasingly complex world, it’s natural for us to unconsciously adopt new patterns of behavior.

Becoming aware of our cognitive biases, and their implications, can help us stay on the right course.

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Markets

Mapping The Biggest Companies By Market Cap in 60 Countries

Tech, finance or energy giant? We mapped the biggest companies by market cap and industry.

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Mapping The Biggest Companies By Market Cap in 60 Countries Share

The Biggest Companies By Market Cap in 60 Countries

Tech giants are increasingly making up more of the Fortune 500, but the world’s biggest companies by market cap aren’t so cut and dry.

Despite accounting for the largest market caps worldwide—with trillion-dollar companies like Apple and contenders including Tencent and Samsung—tech wealth is largely concentrated in just a handful of countries.

So what are the biggest companies in each country? We mapped the largest company by market cap across 60 countries in August 2021 using market data from CompaniesMarketCap, TradingView, and MarketScreener.

What are the Largest Companies in the World?

The world has 60+ stock exchanges, and each one has a top company. We looked at the largest local company, since many of the world’s largest firms trade on multiple exchanges, and converted market cap to USD.

CountryCompanyIndustryMarket Cap (August 2021)
USAAppleTechnology$2.5T
Saudi ArabiaSaudi AramcoEnergy$1.9T
TaiwanTSMCTechnology$594.5B
ChinaTencentTechnology$554.0B
South KoreaSamsungTechnology$429.7B
FranceLVMHConsumer Cyclical$414.3B
SwitzerlandRocheHealthcare$350.0B
NetherlandsASMLTechnology$322.6B
JapanToyotaConsumer Cyclical$251.6B
DenmarkNovo NordiskHealthcare$236.7B
IrelandAccentureTechnology$208.2B
IndiaReliance IndustriesEnergy$198.1B
AustraliaBHP GroupMaterials$191.7B
CanadaShopifyTechnology$185.7B
UKAstrazenecaHealthcare$182.0B
GermanySAPTechnology$174.6B
SingaporeSEATechnology$152.3B
Hong KongAIAFinancials$146.4B
BelgiumAnheuser-Busch InbevConsumer Staples$122.7B
SpainInditexConsumer Cyclical$108.3B
BrazilVALEMaterials$103.9B
RussiaSberbankFinancials$96.7B
ItalyEnelUtilities$93.7B
ArgentinaMercadoLibreConsumer Cyclical$89.5B
SwedenAtlas CopcoIndustrials$84.1B
South AfricaNaspersTechnology$74.1B
NorwayEquinorEnergy$67.9B
UAEEtisalatCommunication$58.7B
MexicoWalmexConsumer Staples$58.1B
IndonesiaBank Cental AsiaFinancials$54.8B
KazakhstanKaspi.kzFinancials$49.8B
QatarQNBFinancials$48.2B
FinlandNordea BankFinancials$48.0B
LuxembourgArcelorMittalMaterials$36.3B
AustriaVerbundUtilities$33.7B
ThailandPTT PCLEnergy$30.1B
ColombiaEcopetrolEnergy$26.7B
MalaysiaMaybankFinancials$23.7B
PhilippinesSM InvestmentsConsumer Cyclical$22.9B
KuwaitKuwait Finance HouseFinancials$21.9B
PortugalEDP GroupUtilities$21.0B
VietnamVinhomesReal Estate$17.1B
IsraelNICETechnology$16.9B
KenyaSafaricomCommunication$16.0B
Czech RepublicÄŒEZ GroupEnergy$15.8B
New ZealandXeroTechnology$15.8B
TurkeyQNB FinansbankFinancials$15.8B
HungaryOTP BankFinancials$15.6B
ChileEnel AmericasUtilities$14.3B
MoroccoMaroc TelecomCommunication$13.6B
PolandPKO Bank PolskiFinancials$12.6B
CyprusPolymetalMaterials$10.0B
NigeriaDangote GroupMaterials$10.0B
BahrainAhli United BankFinancials$8.6B
GreeceOTE GroupCommunication$8.4B
PeruCredicorpFinancials$8.0B
EgyptCommercial International BankFinancials$5.9B
IcelandMarelIndustrials$5.8B
OmanBank MuscatFinancials$4.2B
PanamaCopa HoldingsIndustrials$3.1B

Many are former monopolies or massive conglomerates that have grown in the public space, such as South Africa’s Naspers and India’s Reliance Industries.

Others are local subsidiaries of foreign corporations, including Mexico’s Walmex, Chile’s Enel and Turkey’s QNB Finansbank.

But even more noticeable is the economic discrepancy. Apple and Saudi Aramco are worth trillions of dollars, while the smallest companies we tracked—including Panama’s Copa Group and Oman’s Bank Muscat—are worth less than $5 billion.

Finance and Tech Dominate The Biggest Companies By Market Cap

Across the board, the largest companies were able to accumulate wealth and value.

Some are newer to the top thanks to recent success. Canada’s Shopify has become one of the world’s largest e-commerce providers, and the UK’s AstraZeneca developed one of the world’s COVID-19 vaccines.

But the reality is most companies here are old guards that grew on existing resources, or in the case of banks, accumulated wealth.

IndustryBiggest Companies by Country
Financials16
Technology12
Energy6
Materials5
Communication4
Consumer Cyclical4
Utilities4
Healthcare3
Industrials3
Consumer Staples2
Real Estate1

Banks were the most commonly found at the top of each country’s stock market. Closely behind were oil and gas giants, mining companies, and former state-owned corporations that drove most of a country’s wealth generation.

But as more economies develop and catch up to Western economies (where tech is dominant), newer innovative companies will likely put up a fight for each country’s top company crown.

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Misc

All World Languages in One Visualization

See the world’s major languages broken down by country in this stunning visualization.

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All World Languages, By Native Speakers

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

Languages provide a window into culture and history. They’re also a unique way to map the world – not through landmasses or geopolitical borders, but through mother tongues.

The Tower of Babel

Today’s infographic from Alberto Lucas Lopez condenses the 7,102 known living languages today into a stunning visualization, with individual colors representing each world region.

Only 23 languages are spoken by at least 50 million native speakers. What’s more, over half the planet speaks at least one of these 23 languages.

Chinese dominates as a macrolanguage, but it’s important to note that it consists of numerous languages. Mandarin, Yue (including Cantonese), Min, Wu, and Hakka cover over 200 individual dialects, which vary further by geographic location.

CountryNative Chinese speakers (millions)
🇨🇳 China1,152.0
🇹🇼 Taiwan21.8
🇭🇰 Hong Kong SAR6.5
🇲🇾 Malaysia5.1
🇸🇬 Singapore1.8
🇹🇭 Thailand1.2
🇻🇳 Vietnam0.9
🇵🇭 Philippines0.7
🇲🇲 Myanmar0.5
🇲🇴 Macau SAR0.5
Other6.0
Total1,197 million

Chinese is one of the most challenging languages for English speakers to pick up, in part due its completely unfamiliar scripts. You’d have to know at least 3,000 characters to be able to read a newspaper, a far cry from memorizing the A-Z alphabet.

Spanglish Takes Over

After Chinese, the languages of Spanish and English sit in second and third place in terms of global popularity. The rapid proliferation of these languages can be traced back to the history of Spanish conquistadors in the Americas, and British colonies around the world.

Animation: Map of Colonization (1492 – 2008):
Colonization Map

Today, Spanish has 399 million native speakers, but these are mostly concentrated in Latin America. English has 335 million native speakers under its belt, with a widespread reach all over the globe.

Two Worlds, One Family

While the visualization makes all the world languages seem disparate, this linguistic family tree shows how they grew from a common root. It also explains how languages can evolve and branch out over time.

Language Tree

Created by Minna Sundberg. Full version.

This linguistic tree also includes many languages that are not on the large visualization of 23 mother tongues. Some of them might be considered endangered or at risk today, such as Catalan or Welsh. However, with globalization, a few interesting linguistic trends are arising.

1. Language revival
Certain enclaves of marginalized languages are being preserved out of pride for the traditional and cultural histories attached.

While Catalan was once banned, its rebirth is a key marker of identity in Barcelona. More than 150 universities teach Catalan worldwide. In the case of Welsh, a mammoth university project plans to make sure it does not die out. Researchers are compiling ten million Welsh words to preserve the past, present, and future of the language.

2. Language forecast
At this point in time, English is the lingua franca – adopted as a common language among speakers with different mother tongues. However, this status might soon be fuzzier as demographic trends continue.

The rise of China is an obvious one to consider. As China continues to increase its economic might and influence, its languages will proliferate as well.

At the same time, 26 African countries are projected to double their current size, many of which speak French as a first language. One study by investment bank Natixis suggests that Africa’s growth may well bring French to the forefront – making it the most-spoken language by 2050.

Could French provide a certain je ne sais quoi that no other world language can quite replace?

This post was first published in 2018. We have since updated it, adding in new content for 2021.

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