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Case, False Conflict,Confirmation & Overconfidence of Cognitive Biases (Term Paper Sample)

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COGNITIVE BIASES are the most prevalent and widely studied type of cognitive errors. They can be the cause of many problems and can affect us in a variety of ways. In some instances, they can even be dangerous. These cognitive errors are learned. They have evolved throughout our lives to help us cope with different situations. The most common form of these mistakes is the anchoring effect, which occurs when we mistake the size of the number for its value.
The Recency Effect is a linguistic phenomenon that can cause us to overestimate our abilities. It's responsible for a number of issues, including the tendency to underestimate our own ability to do certain things. When faced with this problem, a person must become aware of their own biases and evaluate their own abilities without making irrational judgments. If they can master this technique, they will be able to analyze their skills without these irrational judgments.
One of the most common examples of a cognitive bias is the availability heuristic. In the case of news stories, we may be tempted to believe that a certain incident is widespread and will cause an upsurge in your performance. In such a case, you may feel that the event is unusual or that you should not be upset about it. However, it is not uncommon for people to overestimate their skills.
The Dunning-Kruger Effect is responsible for egotism and arrogance. It makes us think that our abilities are higher than they really are. In reality, we are unable to see the "hot" side of a situation, which is called egotism. The best way to overcome this cognitive bias is to become more self-aware. You can also practice using the hot/cold distinction to identify your own cognitive biases.
In recent years, the research team behind the research has discovered that cognitive biases are not related to cognitive abilities. It is a systematic error in thinking that affects judgments and decisions. In other words, it is an error that arises as the result of the brain's attempt to simplify its processing. The negative cognitive bias causes a person to be more sensitive to stress and is a sign of depression.
There are many types of cognitive biases. Some are based on social factors, such as the age of the person or the gender of the person. Other types of biases are based on the way in which we frame information. For example, the IKEA effect makes us more likely to think of objects and events as similar than they actually are. A common example of a negative bias is the sunk cost effect. When this happens, the decision-making process is influenced by the bias.
The sunk cost bias is another type of cognitive bias. It occurs when a person's memory is biased by something that has already happened to them. It can also affect our ability to make rational decisions. In one experiment, participants were asked to choose between two options - a $30 calculator and a $250 jacket. When given the option, participants were told they could save either item with a similar amount of time.

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Content:


COGNITIVE BIASES
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Introduction
Cognitive biases refer to the tendency of negotiators to have confidence in their ability and believe that they are correct or precise; they falsely suppose that their knowledge is superior. The process of negotiations is vital and fundamental in human life. Enhancing negotiation skills and increasing the capacity to negotiate efficiently are essential in managerial, business, and political contexts. Grafton et al. (2017).states that while people are trying to make balanced decisions, they often lack understanding and the appropriate criteria for solving the problems. Psychological research has confirmed that negotiators do not constantly act wisely. There are numerous negotiation biases, and the current paper will focus on three only (Grafton et al., 2017).
False conflict
A circumstance in which conflict is nonexistent between individuals, yet they mistakenly notice the existence of conflict. There is a lose-lose effect in this situation because the negotiators will tend to go for decisions that both Less prefer than a readily available conclusion. Parties can evade lose-lose arrangements by being conscious of a fixed-pie view and avoiding making untimely agreements (D O'Sullivan, & Schofield, 2018).
Confirmation bias
It involves looking for overestimating information that approves our expectations or beliefs. For example, a teacher who is trying to look for physical signs of lies, e.g., random eye movement, may mistakenly collect wrong evidence (Grafton et al., 2017).
Overconfidence
This refers to the predisposition of negotiators to exaggerate their level of trust and exceeds reality, and Overconfidence usually has double-edged impacts. It can solidify the degree to which negotiators support options or positions that are inappropriate and incorrect. It can make negotiators discount the value or legitimacy of the decisions of others(Grafton, et al., 2017).
Case of Cognitive Biases
My favorite team is LA Lakers. I have always believed in the superiority of the team. My love for the team has continuously improved with time, and whenever they are playing against any basketball team, I am always one hundred percent sure they will come out victorious. However, this has not always been the case. The team has lost so many games, leaving me disappointed, and my friends always argue that I am overconfident in the team(Fodor, et al,2020).
REPLY
This week's learning was very educative; I was able to capture some essential psychological knowledge. The reading discussed cognitive bias, which refers to a systematic aberration pattern from rationality or norm in the decision. Cognitive biases can, at times, result in perceptual distortion, illogical interpretation, inaccurate verdict, or illogicality.
Cognitive biases can result in more effective behavior in a given situation. Additionally, allowing cognitive biases allows faster verdicts which can be necessary when appropriateness is more valued than accuracy. Other causes of cognitive biases result from the "by-product" of human processing boundaries,[ resulting from a lack of appropriate mental mechanisms (bounded rationality), effects of individual's biological and constitutional state. Negotiators tend to learn in

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