 Hello all, in this video we are going to discuss about cognitive bias in research. These cognitive bias are very important in real life for effective decision making. Cognitive bias is an umbrella term used to describe our systematic but flawed patterns of responses to judgment and decision related problems. They are often studied in psychology, sociology and behavioral economics. Anchoring bias is people's tendency to fixate on the first piece of information they receive, especially when it concerns numbers. This piece of information becomes a reference point or anchor. Because of that, people base all subsequent decisions on this anchor. For example, initial offers have a stronger influence on the outcome of negotiations than subsequent ones. Framing effect refers to our tendency to make decisions based on how the information about the decision is presented to us. In other words, our response depends on whether the option is presented in a negative or positive light. This means that the same information can be more or less attractive depending on the wording or what features are highlighted. Actor or observer bias occurs when you attribute the behavior of others to internal factors, like skill or personality, but attribute your own behavior to external or situational factors. In other words, when you are the actor in a situation, you are more likely to link events to external factors, such as your surroundings or environment. However, when you are observing the behavior of others, you are more likely to associate behavior with their personality, nature or temperament. Availability heuristic or availability bias describes the tendency to evaluate a topic using the information we can quickly recall to our mind that is available to us. However, this is not necessarily the best information, rather it's the most vivid or recent. Even so, due to this mental shortcut, we tend to think that what we can recall must be right and ignore any other information. Confirmation bias is the tendency to seek out information in a way that supports our existing beliefs, while also rejecting any information that contradicts those beliefs. Confirmation bias is often unintentional but still results in skewed results and poor decision making. The halo effect refers to situations whereby our general impression about a person, a brand, or a product is shaped by a single trait. It happens, for instance, when we automatically make positive assumptions about people based on something positive we notice, while in reality we know little about them. The Bader-Mainhoff phenomenon or frequency illusion occurs when something that you recently learned seems to appear everywhere, soon after it was first brought to your attention. However, this is not the case. What has increased is your awareness of something, such as a new word or an old song you never knew existed, not their frequency. The Dunning-Kruger effect is the tendency for an individual with limited knowledge or competence in a given field to overestimate their own skills in that field. Hindsight bias is the tendency to interpret past events as more predictable than they actually were. Bandwagon effect is the tendency to adopt certain behaviours or opinions simply because others are doing so. Bias blind spot. The tendency for the brain to recognise another's bias but not its own. Being aware of these biases can help in avoiding such biases in decision-making and utilise the most of it in our settings. Thanks for watching this video. If you like this video, please share to your friends. Thanks again.