Confirmation Bias : How it effects your thinking

Confirmation Bias

Is tendency of a person to interpret or perceive the things, which would confirm with his pre existing beliefs
Or
Favoring the only information which would confirm pre existing ideas or beliefs

Confirmation Bias does does play an important role in decision making whether it would be of good or bad quality.
Most of the investors suffers from it. And it does exists in our daily day to day life in making small decisions

For Examples:

• We tend to choose only the books or read an article favoring your religion or favorite politician and rejecting anything which goes against them.

• It can be witnessed in Facebook, where people blocking or unfriending whoever, who posts or challenges them against their preconceived belief.

• If you go through your last few google searches then you will notice that all the result will be of validating which you already believe.
  

• It can be personal too, like in this comic
  

We believe that our opinions are the result of our experience and analysis but in fact our opinion are the result of paying attention to the information, which confirmed your belief.

We are human, we are flawed, we are not perfect and we are most of the times have fallen into this type of error thinking. It our tendency to choose the things which is easy and comfortable and which does not challenge our pre conceived notions.

In order to minimize this bias one should always keep an open mind, acknowledge that their belief sometimes can be wrong too or else it will lead to over confidence and making poor decisions.

This confirmation bias may seem harmless, but it will put a veil on your perception making you to see the world as you want to, but not to see the the world as it is . It may shorten the opportunity of growth, which is essential to lead a good and less error free life

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Articles and videos which i referred : Links 1 2 3 4