Confirmation bias
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Confirmation bias
Identification: https://www.google.com/search?q=examples+of+confirmation+bias&oq=examples+of+&aqs=chrome.0.69i59j69i57j69i60j69i59l2j69i60.7135j0j9&client=ms-android-oppo&sourceid=chrome-mobile&ie=UTF-8
In confirmation bias, you develop a liking of information that supports what you belief. An example is when you perceive and believe that right-handed people have lower intelligence quotient compared to the left-handed people and thus less creative.
Explanation: This example fits confirmation bias because an individual holding such beliefs only processes the information according to the previously held belief and expectations in a particular setting or expected outcome but not in consistency with facts.
Analysis: one can correct confirmation bias by getting rid of the fear of particular outcomes. Avoid allowing your ego to limit you from expanding your way of thinking especially if you are left-handed and you experience the confirmation bias. It is also paramount to rely on open channels in how you get information, especially when engaging in arguments involving disagreements.
Framing bias
Identification
https://www.google.com/search?q=examples+of+framing&oq=examples+of+framing&aqs=chrome..69i57j0l3.22437j0j9&client=ms-android-oppo&sourceid=chrome-mobile&ie=UTF-8
In psychology, framing bias happens when you respond to something according to how it is presented to you. An example is when you are pessimistic or optimistic about a certain outcome. When a motivational speaker presents a glass containing some water some people may perceive the glass as half half-full while others may see it as half empty.
Explanation: The half-full versus half-empty perception of water in a glass is symbolic and fits well in framing bias because it represents how a situation may influence your way of thinking depending on whether it is within a positive or a negative frame. One tends to see the glass as half empty if the situation is within a negative frame.
Analysis: it is possible to correct framing bias by embracing more consciousness and being objective when making decisions. This calls for more self-awareness and identification of people and situations that bring discomforts in your life. It is paramount to learn about various cognitive biases as a starting point to resolving framing bias.
Sunken cost fallacy
Identification: https://www.google.com/url?sa=i&source=web&cd=&ved=0ahUKEwiEsfOn0ZrjAhVIxYUKHev9CH8QzPwBCAI&url=https%3A%2F%2Fwww.psychologytoday.com%2Fus%2Fblog%2Fintentional-insights%2F201703%2Fwant-avoid-bad-decisions-it-s-all-about-framing&psig=AOvVaw3HwlWqMFkVOa6ssg8lOzwf&ust=1562308091704881
Sunken cost fallacy takes place when you opt to go on with a certain trend with the consideration that since you have already invested so much energy, finances and time you cannot drop the project even it is latter clear to you that the investment was not viable. Dropping the idea appears as a loss and therefore one is not ready to bear the loss. An example is when you underestimate and place a large order for a Pizza in a hotel. Instead of eating just enough to your satisfaction you overeat just to ensure you get the worth of your money. Another example is when someone invests so much money and time fixing an issue in an old car but later discovers that the car had a series of other greater unseen issues that would cost even more to fix. Even upon discovering the car was a "lemon" the owner continues to invest more money because abandoning the project would present the previous cost as a waste despite the fact that the money is already used.
Analysis: you can avoid sunken cost fallacy by always maintaining a bigger picture in all your investments. It is also paramount to keep good records of your spending in terms of time and finances and act immediately by cutting more losses if the figures are not adding up. This demands to rely on facts, avoiding hearsay and shedding off too much personal attachment on non-viable investments.
Hindsight bias
Identification
https://www.google.com/amp/s/simplicable.com/amp/hindsight-bias
Hindsight bias occurs when one believes to have the ability to have foreseen an issue that has already occurred despite the facts that it was not possible for anyone to have predicted the event. For instance, in a defense case involving manslaughter hindsight bias may go against justice when the judge perceives the death as having been preventable at the time of the event. However, the defendant who caused involuntary manslaughter may have had only 5 seconds to prevent the accident.
Explanation: The example fits well in hindsight bias because the judge may apply the benefit of hindsight bias and overestimate the defendant's negligence within the 5 seconds. In that context, the judge perceives the death as predictable and preventable than practically it was at the time of the incidence.
Analysis: It is possible to correct hindsight bias by first acknowledging that it is beyond human ability to accurately predict the future. One should always examine the data involving such hindsight bias before drawing conclusions. It is also important for one to maintain a good record of thought processes with alternative outcomes in mind.