Cognitive Biases

Our brains rely on mental shortcuts to make decisions quickly. Although these shortcuts are often useful, they can lead to systematic errors. Confirmation bias, for instance, makes us favour information that supports what we already believe. We may also overestimate the likelihood of events that are vivid or recently reported. Another common trap is the sunk cost fallacy, where we persist simply because we have already invested. Interestingly, intelligence offers little protection against these tendencies. Being aware of biases does not eliminate them, but it can encourage more careful thinking. Organisations increasingly use structured decision-making to counteract them. Ultimately, recognising our limitations is the first step towards better judgement.