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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

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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Misc

Ranked: The 50 Most Popular Fast Food Chains in America

What’s America been craving? Here’s a look at the top 50 most popular fast food chains, ranked by U.S. sales in 2019.

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The 50 Most Popular Fast Food Chains in America

Millions of Americans eat at fast food restaurants every day—and they now have more options at their disposal than ever before.

From burgers to pad thai, there’s a quick service restaurant that’ll satisfy almost any appetite. With all this choice, which fast food chains are the most popular among consumers?

Using data from QSR Magazine, today’s infographic ranks the top 50 largest fast food chains in the U.S. by sales in 2019, providing insight into the types of foods Americans have been craving.

Fast Food Chains Ranked, by Revenue

In 2019, the 50 largest fast food chains in the U.S. generated over $200 billion in revenue. How do these quick service giants stack up against each other?

RankCompanyCategoryU.S. Sales, Billions (2019)
1McDonald'sBurger$40.41
2StarbucksSnack$21.55
3Chick-fil-AChicken$11.00
4Taco BellGlobal$11.00
5Burger KingBurger$10.30
6SubwaySandwich$10.00
7Wendy'sBurger$9.87
8Dunkin'Snack$9.22
9Domino'sPizza$7.10
10Panera BreadSandwich$5.93
11ChipotleGlobal$5.52
12Pizza HutPizza$5.38
13KFCChicken$4.82
14Sonic Drive-InBurger$4.69
15Arby'sSandwich$3.89
16Little CaesarsPizza$3.85
17Panda ExpressGlobal$3.80
18Dairy QueenSnack$3.76
19Popeyes Louisiana KitchenChicken$3.75
20Jack in the BoxBurger$3.51
21Papa John'sPizza$2.66
22WhataburgerBurger$2.56
23Jimmy John'sSandwich$2.11
24Hardee'sBurger$2.07
25Zaxby'sChicken$1.84
26Culver'sBurger$1.73
27Five GuysBurger$1.66
28Raising Cane'sChicken$1.47
29WingstopChicken$1.40
30Carl's Jr.Burger$1.39
31Jersey Mike'sSandwich$1.34
32Bojangles'Chicken$1.29
33In-N-Out BurgerBurger$1.00
34Steak 'n ShakeBurger$0.93
35El Pollo LocoChicken$0.89
36QDOBAGlobal$0.85
37Checkers/Rally'sBurger$0.86
38Firehouse SubsSandwich$0.86
39Del TacoGlobal$0.85
40Tim HortonsSandwich$0.84
41Moe'sGlobal$0.79
42Papa Murphy'sPizza$0.75
43McAlister's DeliSandwich$0.72
44Jason's DeliSandwich$0.71
45Church's ChickenChicken$0.70
46Shake ShackBurger$0.63
47Marco's PizzaPizza$0.63
48Baskin-RobbinsSnack$0.63
49Tropical Smoothie CaféSnack$0.58
50Auntie Anne'sSnack$0.56

Unsurprisingly, McDonald’s comes in at number one with over $40 billion in sales. Despite a scandal involving its former CEO, McDonald’s still managed to significantly outsell its peers—the company made almost double that of the second-largest fast food chain, Starbucks.

But don’t worry, Starbucks did just fine for itself. With $21 billion in sales, the Seattle-based coffee chain saw a 5% increase compared to its numbers in 2018.

Top Selling Fast Food Categories

Based on the ranking, it’s clear that Americans still love their McDonald’s. But are burgers, in general, the most popular fast food item?

In short—yes. Burgers are king. Here’s a look at how burgers, pizza, chicken, and other food categories measure up:

Burger joints remain the most popular fast food option among consumers—14 of the 50 chains on the list are classified as burger restaurants, with $80 billion in collective sales.

Snacks come in at second place, with a total of $36 billion in revenue. Boasting a broad variety of foods from iced coffee to donuts and ice cream, six of the restaurants on the list are included in this category. Starbucks is the most popular, followed by Dunkin’ and Dairy Queen respectively.

While the chicken and sandwich categories both have nine restaurants included in the ranking, chicken restaurants outsold sandwiches by almost $1 billion. This is largely due to Chick-fil-A, which makes up more than a third of all chicken restaurant sales included in the ranking.

COVID Closures

It’s important to note that these numbers reflect the fast food industry before the devastating impacts of COVID-19. The global pandemic has forced many fast food restaurants to adapt, and it’s also triggered a number of restaurant shutdowns.

For instance, McDonald’s is set to permanently close 200 of its 14,000 U.S. locations, and Dunkin’ will be closing 450 restaurants by the end of 2020. Starbucks has also announced it’s planning to permanently shut down up to 400 locations by mid-2021.

With online sales more important than ever, the chains with a strong digital presence may be in a better position to weather the storm. Chains with physical distancing options, such as drive-throughs, could also recover quicker.

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Energy

Visualizing the Range of EVs on Major Highway Routes

We visualize how far popular EV models will take you on real-world routes between major cities, and which are the most cost effective.

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The Range of EVs on Major Highway Routes

Between growing concerns around climate change, new commuting behaviors due to COVID-19, and imminent policy changes, the global transition to electric vehicles (EVs) is well under way.

By the year 2040, sales of electric vehicles are projected to account for 58% of new car sales, up from just 2.7% currently.

But switching from a gasoline car to an electric one is not seamless. With charging and range capacities to consider, and the supporting infrastructure still being slowly rolled out in many parts of the world, understanding the realities of EV transportation is vital.

Above, we highlight 2020 all-electric vehicle range on well-recognized routes, from California’s I-5 in the U.S. to the A2 autobahn in Germany. The data on estimated ranges and costs are drawn from the U.S. EPA as well as directly from manufacturer websites.

The EV Breakdown: Tesla is King of Range

For many consumers, the most important aspect of an electric vehicle is how far they can travel on a single charge.

Whether it’s for long commutes or out-of-city trips, vehicles must meet a minimum threshold to be considered practical for many households. As the table below shows, Tesla’s well-known EVs are far-and-away the best option for long range drivers.

VehicleRange (miles)Range (km)MSRPCost per mile
Tesla Model S Long Range Plus402647$74,990$186.54
Tesla Model X Long Range Plus351565$79,990$227.89
Tesla Model S Performance348560$94,990$272.96
Tesla Model 3 Long Range322518$46,990$145.93
Tesla Model Y Long Range316509$49,990$158.20
Tesla Model X Performance305491$99,990$327.84
Tesla Model 3 LR Performance299481$54,990$183.91
Tesla Model Y Performance291468$59,990$206.15
Polestar 2275443$59,900$217.82
Chevrolet Bolt EV259417$36,620$141.39
Hyundai Kona Electric258415$37,190$144.15
Tesla Model 3 Standard Range Plus250402$37,990$151.96
Kia Niro EV239385$39,090$163.56
Jaguar I-PACE234377$69,850$298.50
Nissan LEAF e+ S226364$38,200$169.03
Audi e-tron Sportback218351$69,100$316.97
Nissan LEAF e+ SV/SL215346$39,750$184.88
Audi e-tron204328$65,900$323.04
Porsche Taycan 4S Perf Battery Plus203327$112,990$556.60
Porsche Taycan Turbo201323$153,510$763.73
Porsche Taycan Turbo S192309$187,610$977.14
Hyundai IONIQ Electric170274$33,045$194.38
BMW i3153246$44,450$290.52
Nissan LEAF149240$31,600$212.08
MINI Cooper SE110177$29,900$271.82
Fiat 500e84135$33,460$398.33

In an industry where innovation and efficiency are vital, Tesla’s first-mover advantage is evident. From the more affordable Model 3 to the more luxurious Model S, the top eight EVs with the longest ranges are all Tesla vehicles.

At 402 miles (647 km), the range of the number one vehicle (the Tesla Model S Long Range Plus) got 127 miles more per charge than the top non-Tesla vehicle, the Polestar 2—an EV made by Volvo’s standalone performance brand.

Closer Competition in Cost

Though Tesla leads on overall range and battery capacity, accounting for the price of each vehicle shows that cost-efficiency is far more competitive among brands.

By dividing the retail price by the maximum range of each vehicle, we can paint a clearer picture of efficiency. Leading the pack is the Chevrolet Bolt, which had a cost of $141.39/mile of range in 2020 while still placing in the top 10 for range with 259 miles (417 km).

Just behind in second place was the Hyundai Kona electric at $144.15/mile of range, followed by the Tesla Model 3—the most efficient of the automaker’s current lineup. Rounding out the top 10 are the Nissan LEAF and Tesla Model S, but the difference from number one to number ten was minimal, at just over $45/mile.

Top 10 All-Electric Vehicles by Cost Efficiency
VehicleCost per mile
Chevrolet Bolt EV$141.39
Hyundai Kona Electric$144.15
Tesla Model 3 Long Range$145.93
Tesla Model 3 Standard Range Plus$151.96
Tesla Model Y Long Range$158.20
Kia Niro EV$163.56
Nissan LEAF e+ S$169.03
Tesla Model 3 LR Performance$183.91
Nissan LEAF e+ SV/SL$184.88
Tesla Model S Long Range Plus$186.54

Higher Ranges and Lower Costs on the Horizon

The most important thing to consider, however, is that the EV industry is entering a critical stage.

On one hand, the push for electrification and innovation in EVs has driven battery capacity higher and costs significantly lower. As batteries account for the bulk of weight, cost, and performance in EVs, those dividends will pay out in longer ranges and greater efficiencies with newer models.

Equally important is the strengthening global push for electric vehicle adoption. In countries like Norway, EVs are already among the best selling cars on the market, while adoption rates in China and the U.S. are steadily climbing. This is also being impacted by policy decisions, such as California’s recent announcement that it would be banning the sale of gasoline cars by 2035.

Meanwhile, the only thing outpacing the growing network of Tesla superchargers is the company’s rising stock price. Not content to sit on the sidelines, competing automakers are rapidly trying to catch up. Nissan’s LEAF is just behind the Tesla Model 3 as the world’s second-best-selling EV, and Audi recently rolled out a supercharger network that can charge its cars from 0% to 80% at a faster rate than Tesla.

As the tidal wave of electric vehicle demand and adoption continues to pick up steam, consumers can expect increasing innovation to drive up ranges, decrease costs, and open up options.

Correction: A previous version of this graphic showed a European route that was the incorrect distance.

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