“A Bias Recognized is a Bias Sterilized”
Biases affect our lives every day. We all grew up in a particular situation that makes us prone to individual behavior and thought. This is what Daniel Kahneman, in his book Thinking Fast and Slow, calls the fast mind. If we didn’t have instant heuristics in our head, we would be overanalyzing everything. Unfortunately, this comes with the side effect all humans have certain biases. They can’t be removed by can be mitigated.
Sunk Cost Bias – This bias is prone to us justifying a decision. When you spend money or time on something, it makes us uncomfortable to admit it was a mistake. We will continue with the decision even if it shows no return or happiness. Examples include being in a relationship for two years and not ending due to the time spent together. Another is buying a brand new car. Even if we begin not liking the purchase, we won’t sell the car because we already have money invested in it.
Mitigating the sunk cost bias: Some mitigation techniques are having a vision and goals for your life. Look at the differences in what you want to the reality.
Confirmation Bias – The confirmation bias is when we only search for data that confirms our pre-existing belief. In the Righteous Mind, Jonathan Haidt uses the analogy of an elephant and a rider. The elephant is our subconscious mind and emotions, which leans a certain direction with the rider constantly justifying the elephants decisions or thoughts. The smarter you are the worse you are with confirmation bias because you can rationalize your decisions better. If we want to believe something we ask “Can I believe it?”. If we don’t want to believe something “Must I believe it?”.
Mitigating the confirmation bias: The best way to put your beliefs to the test is to have people will different viewpoints and lives than you. When the people around you challenge your thoughts, don’t take it personally. Look to see if there is some sliver of truth in what they are saying. This will keep you open-minded to other’s viewpoints, helping you learn from them. It will get you closer to the reality of the world.
Universal Mitigation – Practice mindfulness. When you meditate, you can help you understand your thought patterns. This won’t prevent biases but can help mitigate them.
Biases affect our lives every day. They can make us continue on decisions or destroy our ability to learn from someone else. With mitigation techniques, we can come closer to reality. It can help us live our best lives. This is why I have added to my principals to live by “Be wary of your own Biases”.