I recently got the chance to sit down with Jon Bownds, an eCommerce consultant and Magento architect. We discussed cognitive biases and how to overcome them. Here's what he had to say on the subject:
"People have a demonstrable tendency, that's really well-documented, to come to a conclusion and then search for data on it, even if they come across strong evidence to the contrary.
We need to come up with ways to establish good habits that counteract those known issues. It's almost as if we have bugs in our software that we need to fix.
There are a lot of really common cognitive biases that we as a society could work to correct.
Billions of dollars are spent every year on gambling. It makes no sense. It's a gap we have as a society, a bug that we need to fix. But people love it. They think, 'Oh I have to win eventually.' But we know that's not true from a statistical standpoint.
The funny thing is, the most successful people are correcting these biases, whether intentionally or unintentionally."
The best thing we can do as individuals is acknowledge our biases and try to build habits in ourselves to correct them.