Cognitive distortions often stem from problems with memory, attention, and other mental errors. These are often unconscious decision-making processes that allow individuals to be easily affected without intentionally realizing it. The filtering process and coping mechanism used to quickly process large amounts of information are called heuristics. Another area of our lives where prejudice can wreak havoc is personal finance. According to Hershey, Jacobs-Lawson and Austin (2012), there are at least 40 cognitive biases that impair our ability to make informed financial decisions, which in turn impedes our ability to properly plan for retirement. Some of these biases include: Social desirability distortion is a problem for anyone using self-reported data. Companies that conduct internal investigations into topics that may cast an employee in a bad light need to be aware of how social desirability bias affects the validity of their data. Cognitive distortions affect us in many areas of life, including social situations, memory memory, what we believe, and our behavior. They have been used in disciplines such as economics and marketing to explain why people do what they do and to predict and influence people`s behavior. Let`s take the following three cognitive distortions as examples. The use of arbitrary thresholds or over-reliance on individual parameters among the many parameters generated increases the risk of distorted solutions emerging from a drug discovery project. Consider a case where we have two parameters of equal importance (i.e.
free concentration versus power), a large number of equally acceptable solutions will exist compared to the Pareto ranking 155,157, but often it is the strongest molecules that are advanced (i.e. rarely above 0.1 μM) even before the in vivo free concentration is taken into account. This essentially limits the coverage of the parameter space and distorts solutions in a way that a priori may not be easily rationalized (Fig. 12). This is despite the fact that the relevance of in vitro power has been questioned in the past,28,29,37,156 and it is known that focusing on absolute power values can lead to inflation of MWT and logP.47,96,156 This means, of course, that the weaker logP and MWT compounds, that traditionally have better overall ADMET parameters, 54,79,80 inclusive (exposure, clearance and protein binding) are more likely to be excluded earlier in the process. Learn more about biases in artificial intelligence and the main trends that exist in this article. Visibility indicates that certain sensory stimuli (such as bright colors) and cognitive stimuli (such as something familiar) are more likely to be processed, so stimuli that do not fit into either category may be overlooked. While there are many different theories about why we experience anchor bias, they all agree that it actually influences our decisions (Wegner et al., 2001). Sometimes multiple biases can play a role in influencing your decisions and thinking. For example, you might misunderstand an event (the misinformation effect) and assume that everyone shares the same memory of what happened (the false consensus effect). Table 8.
The cognitive biases discussed in this article, their potential impact on drug discovery decision-making147 It is easier to remember information that corresponds to our current knowledge, so our memories are distorted in a way that is consistent with what actually happened. Mental workload theory describes how, when we focus much of our brain`s mental energy on one stimulus, we consume our cognitive resources and are unable to process another stimulus at the same time. If you choose the Codex of cognitive biases, keep in mind the distinction between heuristics and bias mentioned above. “. cognitive biases resulting from dependence on evaluative heuristics”. Cognitive explanation holds that because our minds can only focus on one thing at a time, it is difficult to process alternative hypotheses in parallel (see Information Processing for more information), so we only process information that is consistent with our beliefs (Nickerson, 1998). The fact that some biases reflect motivation, particularly the motivation to have positive attitudes toward oneself, explains why many biases are selfish or self-managed (e.g., illusion of asymmetric insight, selfish bias). There are also biases in how subjects assess within or outside groups; Evaluation of internal groups as more diverse and, in many ways, “better”, even if these groups are arbitrarily defined (within-group bias, out-of-group homogeneity bias). Cognitive biases also seem to play a role in the price and sale value of the property. Participants in the experiment were shown a residential building.  They were later shown another property that had nothing to do with the first. They were asked to comment on the value and sale price of the second property.
They found that showing participants an unrelated property affected how they valued the second property. Cognitive biases do not fully account for OCD symptoms in predictive models (e.g., Taylor et al., 2006). As a result, the researchers also investigated concepts related to Acceptance and Commitment Therapy (ACT). Based on functional contextualism and relational framework theory (RFT), ACT (Hayes et al., 2011) shares philosophical assumptions with cognitive-behavioral approaches, but focuses on the context (e.g., historical, situational) in which the behavior develops. RFT suggests that humans refer to stimuli based on more than direct experience (e.g., better/worse; Hayes et al., 2001). The process of responding to one stimulus over other stimuli is a relational framing, and relational frameworks influence how one experiences and responds to stimuli.