Every Single Cognitive Bias in One Infographic
View the high resolution version of today’s graphic by clicking here.
The human brain is capable of incredible things, but it’s also extremely flawed at times.
Science has shown that we tend to make all sorts of mental mistakes, called “cognitive biases”, that can affect both our thinking and actions. These biases can lead to us extrapolating information from the wrong sources, seeking to confirm existing beliefs, or failing to remember events the way they actually happened!
To be sure, this is all part of being human—but such cognitive biases can also have a profound effect on our endeavors, investments, and life in general.
For this reason, today’s infographic from DesignHacks.co is particularly handy. It shows and groups each of the 188 known confirmation biases in existence.
What is a Cognitive Bias?
Humans have a tendency to think in particular ways that can lead to systematic deviations from making rational judgments.
These tendencies usually arise from:
- Information processing shortcuts
- The limited processing ability of the brain
- Emotional and moral motivations
- Distortions in storing and retrieving memories
- Social influence
Cognitive biases have been studied for decades by academics in the fields of cognitive science, social psychology, and behavioral economics, but they are especially relevant in today’s information-packed world. They influence the way we think and act, and such irrational mental shortcuts can lead to all kinds of problems in entrepreneurship, investing, or management.
Cognitive Bias Examples
Here are five examples of how these types of biases can affect people in the business world:
1. Familiarity Bias: An investor puts her money in “what she knows”, rather than seeking the obvious benefits from portfolio diversification. Just because a certain type of industry or security is familiar doesn’t make it the logical selection.
2. Self-Attribution Bias: An entrepreneur overly attributes his company’s success to himself, rather than other factors (team, luck, industry trends). When things go bad, he blames these external factors for derailing his progress.
3. Anchoring Bias: An employee in a salary negotiation is too dependent on the first number mentioned in the negotiations, rather than rationally examining a range of options.
4. Survivorship Bias: Entrepreneurship looks easy, because there are so many successful entrepreneurs out there. However, this is a cognitive bias: the successful entrepreneurs are the ones still around, while the millions who failed went and did other things.
5. Gambler’s Fallacy: A venture capitalist sees a portfolio company rise and rise in value after its IPO, far behind what he initially thought possible. Instead of holding on to a winner and rationally evaluating the possibility that appreciation could still continue, he dumps the stock to lock in the existing gains.
This post was first published in 2017. We have since updated it, adding in new content for 2021.
How Much Do Americans Trust the Media?
Media trust among Americans has reached its lowest point since Trump won the 2016 presidential election.
How Much Do Americans Trust the Media?
Media trust among Americans has reached its lowest point in six years.
Gallup began its survey on media trust in 1972, repeating it in 1974 and 1976. After a long period, the public opinion firm restarted the polls in 1997 and has asked Americans about their confidence level in the mass media—newspapers, TV, and radio—almost every year since then.
The above graphic illustrates Gallup’s latest poll results, conducted in September 2023.
Americans’ Trust in Mass Media, 1972-2023
Americans’ confidence in the mass media has sharply declined over the last few decades.
|Trust in the mass media||% Great deal/Fair amount||% Not very much||% None at all|
In 2016, the number of respondents trusting media outlets fell below the tally of those who didn’t trust the media at all. This is the first time that has happened in the poll’s history.
That year was marked by sharp criticism of the media from then-presidential candidate Donald Trump.
In 2017, the use of the term ‘fake news’ rose by 365% on social media, and the term was named the word of the year by dictionary publisher Collins.
The Lack of Faith in Institutions and Social Media
Although there’s no single reason to explain the decline of trust in the traditional media, some studies point to potential drivers.
According to Michael Schudson, a sociologist and historian of the news media and a professor at the Columbia Journalism School, in the 1970s, faith in institutions like the White House or Congress began to decline, consequently impacting confidence in the media.
“That may have been a necessary corrective to a sense of complacency that had been creeping in—among the public and the news media—that allowed perhaps too much trust: we accepted President Eisenhower’s lies about the U-2 spy plane, President Kennedy’s lies about the ‘missile gap,’ President Johnson’s lies about the war in Vietnam, President Nixon’s lies about Watergate,”
Michael Schudson – Columbia Journalism School
More recently, the internet and social media have significantly changed how people consume media. The rise of platforms such as X/Twitter and Facebook have also disrupted the traditional media status quo.
Partisans’ Trust in Mass Media
Historically, Democrats have expressed more confidence in the media than Republicans.
Democrats’ trust, however, has fallen 12 points over the past year to 58%, compared with 11% among Republicans and 29% among independents.
According to Gallup, Republicans’ low confidence in the media has little room to worsen, but Democrat confidence could still deteriorate and bring the overall national reading down further.
The poll also shows that young Democrats have less confidence in the media than older Democrats, while Republicans are less varied in their views by age group.
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