Cognitive Biases and Their Influence on Critical Thinking and Scientific Reasoning: A Practical Guide for Students and Teachers

Abstract

It is clear that people do not always behave in a rational manner. Sometimes they are presented with too much information or they may want to make a quick decision. This may cause them to rely on cognitive shortcuts known as heuristics (rules of thumb). These cognitive shortcuts often result in cognitive biases; at least 175 cognitive biases have been identified by researchers. This paper describes many of these biases starting with actor-observer bias and ending with zero-risk bias. It also describes how one can overcome them and thereby become a more rational decision maker.

Keywords: rational man, cognitive biases, heuristics, anchoring bias, focusing illusion, happiness, availability bias, confirmation bias, neglect of probability bias, overconfidence bias

JEL Classification: A20, C44, D70, D81, G11