Toward a synthesis of cognitive biases: How noisy information processing can bias human decision making.

“Kahneman and Tversky (1982) referred to these modes of judgment as singular and distributional, respectively, and argued that frequency estimates usually provide more accurate results than estimates based on singular belief assessments (see also Tversky and Koehler, 1994).”

“In such states of insufficient information, individuals rely on intuitive cues (Hilbert, 2012), such as when there is no other information, we judge the trust-worthiness of a face based on our first impression of it (Holtz, 2015).”

“In this way, this model provides a more comprehensive explanation of SCB by integrating cognitive biases and knowledge-based capabilities (Hilbert, 2012; Joshi & Rahman, 2015; Munro et al., 2023).”

“While Chaudhary (2013) argued that behavioral finance explains why investors make irrational financial decisions, Hilbert (2012) demonstrated that behavioral biases—such as herding, overconfidence, and reinforcement bias—exert a stronger influence on individual investors than on institutional…”

“Likewise, there is strong multidisciplinary evidence that human decision-makers — regardless of expertise — are subject to a variety of biases that distort their judgment and undermine the fairness and validity of decisions (Hilbert, 2012; Kahneman, 2013).”

“People are subject to cognitive biases such as salience bias, recency bias, and subadditivity bias (Hilbert, 2012; Sunstein, 2019).”

“The findings are similar to the ones that (Hilbert, 2012),cite in the study since the latter authors emphasized the role of demographic characteristics in the process of how the information is processed and to which extent people are prone to the effects of the cognitive bias.”

“People tend to overestimate the likelihood of small probability events, and this bias can have a noticeable impact on the decision-making process [11].”

“Researchers consider a decision to be biased when there is deviation from what is normatively predicted by classical probability and utility theory to be the optimal outcome based on the information or options available (Hilbert 2012).”

“in [16] compellingly argue that all information processing in human reasoning—from extraction to interpretation, and then clear on from reasoning with abstractions to the formulation of conclusions—is inherently noisy as an inevitable consequence of what is ultimately an ecologically competitive, but not perfect, evol…”

“These deviations from norms and rationality when making (errors in) judgment are referred to as biases (Hilbert 2012; Shafir et al. 2002; Kappes 2020).”

“Beliefs are also subject to systematic and predictable processes that are termed cognitive biases or heuristics that simplify and speed information processing and may contribute to psychological well-being (Gilovich, 1991; Hilbert, 2012).”

“Decision biases are common [1–3].”

“Perception is one of the physical-physics processes that humans will receive to get information about a certain environment [8] and form sense for it.”

“Recent literature has extensively examined cognitive biases (Blumenthal-Barby & Krieger, 2015; Das & Teng, 1999; Haselton et al., 2015; Hilbert, 2012); however, with a few exceptions, moral biases have primarily been characterized as distortions of our moral behavior driven by self-interest (Croson…”

“Some researchers focus on mediating/moderating factors and correlations between the three (e.g. Field, Beeson, Jones 2015), while others focus on gaps (Kahneman, Tversky 1996; Hilbert 2012).”