Elon Musk says all children must be aware of these 50 cognitive biases, and to avoid them

Elon Musk and son X Æ A-12 on stage TIME Person of the Year on December 13, 2021 in New York City. Musk shared this view on Twitter, garnering over 64,000 retweets and 315,000 likes.

Theo Wargo/Getty Images for TIME

  • Elon Musk listed the 50 cognitive biases he thinks all children should be aware of.
  • The biases are described in an infographic that was first published by TitleMax.
  • The list is designed to help you make better decisions.

Cognitive biases are shortcuts your mind uses when you need to make a decision quickly. They can cause you to act against your best interests or the most logical option. 

In the past, they helped humans to survive. Nowadays, however, they can be a burden in day-to-day life, affecting your decision-making. 

It's therefore important for people to understand what they are and how to recognize them. This can help people to avoid falling into them.

Elon Musk shared this view on Twitter, garnering over 64,000 retweets and 315,000 likes.

They "should be taught to all at a young age," he wrote, attaching an image of an infographic that lists the "50 cognitive biases to be aware of so you can be the very best version of you."

The infographic is taken from TitleMax, which published it around two years ago.

"Knowing about this list of biases can help you make more informed decisions and realize when you're way off the mark," TitleMax explained.

1. Fundamental Attribution Error: We judge others on their personality or fundamental character, but we judge ourselves on the situation.

2. Self-Serving Bias: Our failures are situational, but our successes are our responsibility.

3. In-Group Favoritism: We favor people who are in our in-group as opposed to an out-group.

4. Bandwagon Effect: Ideas, fads and beliefs grow as more people adopt them.

5. Groupthink: Due to a desire for conformity and harmony in the group, we make irrational decisions, often to minimize conflict.

6. Halo Effect: If you see a person as having a positive trait, that positive impression will spill over into their other traits. (This also works for negative traits).

7. Moral Luck: Better moral standing happens due to a positive outcome; worse moral standing happens due to a negative outcome.

8. False Consensus: We believe more people agree with us than is actually the case.

9. Curse of Knowledge: Once we know something, we assume everyone else knows it, too.

10. Spotlight Effect: We overestimate how much people are paying attention to our behavior and appearance.

11. Availability Heuristic: We rely on immediate examples that come to mind while making judgments.

12. Defensive Attribution: As a witness who secretly fears being vulnerable to a serious mishap, we will blame the victim less and the attacker more if we relate to the victim.

13. Just-World Hypothesis: We tend to believe the world is just; therefore, we assume acts of injustice are deserved.

14. Naïve Realism: We believe that we observe objective reality and that others are irrational, uninformed, or biased.

15. Naïve Cynicism: We believe that we observe objective reality and that other people have a higher egocentric bias than they actually do in their intentions/actions.

16. Forer Effect (aka Barnum Effect): We easily attribute our personalities to vague statements, even if they can apply to a wide range of people.

17. Dunning-Kruger Effect: The less you know, the more confident you are. The more you know, the less confident you are.

18. Anchoring: We rely heavily on the first information introduced when making decisions.

19. Automation Bias: We rely on automated systems, sometimes trusting too much in the automated correction of the actually correct decisions.

20. Google effect (aka Digital Amnesia): We tend to forget information that's easily looked up in search engines.

21. Reactance: We do the opposite of what we're told, especially when we perceive threats to personal freedoms.

22. Confirmation Bias: We tend to find and remember information that confirms our perceptions.

23. Backfire Effect: Disproving evidence sometimes has the unwarranted effect of confirming our beliefs.

24. Third-Person Effect: We believe that others are more affected by mass media consumption than we ourselves are.

25. Belief Bias: We judge an argument's strength not by how strongly it supports the conclusion but how plausible the conclusion is in our own minds.

26. Availability Cascade: Tied to our need for social acceptance, collective beliefs gain more plausibility through public repetition.

27. Declinism: We tend to romanticize the past and view the future negatively, believing that societies/institutions are by and in large in decline.

28. Status Quo Bias: We tend to prefer things to stay the same; changes from the baseline are considered to be a loss.

29. Sunk Cost Fallacy (aka Escalation of Commitment): We invest more in things that have cost us something rather than altering our investments, even if we face negative outcomes.

30. Gambler's Fallacy: We think future possibilities are affected by past events.

31. Zero-Risk Bias: We prefer to reduce small risks to zero, even if we can reduce more risk overall with another option.

32. Framing Effect: We often draw different conclusions from the same information depending on how it's presented.

33. Stereotyping: We adopt generalized beliefs that members of a group will have certain characteristics, despite not having information about the individual.

34. Outgroup Homogeneity Bias: We perceive outgroup members as homogeneous and our own ingroups as more diverse.

35. Authority Bias: We trust and are more often influenced by the opinions of authority figures.

36. Placebo Effect*: If we believe a treatment will work, it often will have a small physiological effect.

37. Survivorship bias: We tend to focus on those things that survived a process and overlook ones that failed.

38. Tachypsychia: Our perceptions of time shift depending on trauma, drug use, and physical exertion.

39. Law of Triviality (aka "Bike-Shedding"): We give disproportionate weight to trivial issues, often while avoiding more complex issues.

40. Zeigarnik Effect: We remember incomplete tasks more than completed ones.

41. IKEA Effect: We place higher value on things we have partially created ourselves.

42. Ben Franklin Effect: We like doing favors; we are more likely to do another favor for someone if we've already done a favor for them than if we had received a favor from that person.

43. Bystander Effect: The more other people are around, the less likely we are to help a victim. (though this technically isn't a cognitive bias, it's another important form of bias, according to TitleMax).

44. Suggestibility: We, especially children, sometimes mistake ideas suggested by a questioner for memories.

45. False Memory: We mistake imagination for real memories.

46. Cryptomnesia: We mistake real memories for imagination.

47. Clustering Illusion: We find patterns and "clusters" in random data.

48. Pessimism Bias: We sometimes overestimate the likelihood of bad outcomes.

49. Optimism Bias: We sometimes are over-optimistic about good outcomes.

50. Blind Spot Bias: We don't think we have bias, and we see it in others more than ourselves.

Read the original article on Business Insider

[Author: [email protected] (Carlos Galán Feced,Nathan Rennolds)]

Tags: Google, Elon Musk, UK, Education, International, Trends, Strategy, Ikea, Musk, Nordic, BI International, Dunning Kruger, Tech Insider, Theo Wargo Getty, TitleMax, Ben Franklin Effect, BI General Contributors, Strategy Contributors, Business Insider España, International Contributors, Qayyah Moynihan, Time Elon Musk, Translation Team, Education Contributors, Nathan Rennolds, Carlos Galán Feced Nathan Rennolds

Source:  https://www.businessinsider.com/elon-musk-says-children-should-learn-these-50-cognitive-biases-2022-1

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