Cognitive Bias

The White House, fatigued if not overwhelmed by the horrific economic crisis, may be suffering from a number of “cognitive biases” as identified by the burgeoning field of behavioral economics. This approach looks at the various flawed ways humans make choices in the real world vs. the “econ” world where supposedly we’re all cool, calculating “rational agents.”

via Putting Obama on the Couch – Capital Commerce (usnews.com).

I have no doubt that the White House staff is afflicted with cognitive bias for the simple reason that everyone is afflicted with cognitive bias! That includes you and me. And that means we often make bad decisions.

What can be done? Well, a good starting place is to understand the kinds of cognitive bias that have been identified. Wikipedia has a good list. Be warned – the list is far longer than you might expect.

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