What are cognitive biases?

Cognitive biases refer to systematic patterns of deviation from norm or rationality in judgment. These biases result from the ways our cognitive processes operate, often leading us to make decisions and judgments that are not based on objective reasoning or fact. They can manifest in various forms, such as confirmation bias, where individuals favor information that confirms their existing beliefs, or availability heuristic, where people rely on immediate examples that come to mind when evaluating a specific topic.

Understanding cognitive biases is crucial because they can influence decision-making in various spheres such as personal choices, professional judgments, and social interactions. Unlike the other options, which touch on aspects such as economic behavior or group dynamics, the correct answer specifically encapsulates the essence of what cognitive biases are, highlighting their systematic nature in how we perceive and interpret information.