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Cognitive Bias.edited

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Philosophy
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Los Angeles Valley College
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Running head: COGNITIVE BIAS 1
Cognitive Bias
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COGNITIVE BIAS 2
Cognitive Bias
Cognitive biases entail unconscious mistakes in the reasoning that emanates from the
challenges associated with memory, concentration, and different mental errors. Several cognitive
bias elements have attracted my attention while going through this week’s readings.
1. Availability Heuristic
Availability heuristic encompasses general practice for assigning judgment regarding the
probability of an occurrence in which one centers their reasoning on the information salience
present in a person’s memory concerning the event type. This critical thinking application
challenge contributes to judgment mistakes when the data present in the brain makes individuals
think that such happenings are possible to compare to their reality especially in the absence of
accurate information (Blanco, 2017). For example, at the onset of the pandemic, after my cousin
heard of his friends losing their jobs because their companies were going broke, he started to
think that he might be laid off anytime as well. He barely slept at night due to the concern that he
might lose his job. Availability of information contributed to reasoning errors.
2. Loss Aversion
Loss aversion explains why people's fear of losing is supposedly mentally double or twice as
much as compared to the pleasure such an individual associates with gaining something. For
example, by definition, loss aversion explains the thinking of why the loss experienced from
losing finance or different substantial material might be considered and perceived as worse than
the benefit associated with gaining a similar object. As such, loss aversion concerns a person’s
thinking to prefer evading losses rather than gain similar proceeds (Dacey, 2017). The loss
aversion fundamental principle might confirm why the punishment structures are efficient within

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Running head: COGNITIVE BIAS 1 Cognitive Bias Student’s Name Institutional Affiliation COGNITIVE BIAS 2 Cognitive Bias Cognitive biases entail unconscious mistakes in the reasoning that emanates from the challenges associated with memory, concentration, and different mental errors. Several cognitive bias elements have attracted my attention while going through this week’s readings. 1. Availability Heuristic Availability heuristic encompasses general practice for assigning judgment regarding the probability of an occurrence in which one centers their reasoning on the information salience present in a person’s memory concerning the event type. This critical thinking application challenge contributes to judgment mistakes when the data present in the brain makes individuals think that such happenings are possible to compare to their reality especially in the absence of accurate information (Blanco, 2017). For example, at the onset of the pandemic, after my cousin heard of his friends losing their jobs because their companies were going broke, he started to think that he might be laid off anytime as well. He barely slept at night due to the concern that he might lose his job. Availability of information contributed to reasoning errors. 2. Loss Aversion Loss aversion explains why people's fear of losing is supposedly mentally double or twice as much as compared to the pleasure such an individual associates with gaining something. For example, by definition, loss aversio ...
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