Biases in Decision Making: Examining Heuristics and Their Associations

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Introduction
The essay is based on examination of different biases in decision making. There are many
biases recognized by the researchers identified as limitations of the decisions made. The best
decision making procession is done through avoidance of such biases. Biases in any decision-
making process bring about the errors leading to poor conclusions regarding those decisions (De
Martino & Dolan, 2016). The essay again looks at the general heuristic which is mental shortcuts
which makes people be able to make certain decisions or solve some issue in efficient manner.
The essay will examine some of the three heuristics in relation to the decision-making process.
The essay will again look at the association of some heuristics to the biases identified.
Biases in decision-making
A. Selection bias
In this type of bias, the individual involved in making decisions gives the priority on
things which are of less importance. It involves giving less attention to things which are not
basic. This is mostly influenced by the interest of the individual (Klein & Zsambok, 2013). It
mostly occurs when the two groups of the individuals have significantly different thoughts
regarding an item or idea. In this case, the individuals have different decisions in making a
judgment regarding the outcome.

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B. Overconfidence bias
This type of bias occurs especially when one has got too much faith in something or a
certain idea. It mostly occurs in a situation whereby the individual believes in his or her
knowledge most. It is believed that the contribution to the decision making is given more value
than the way it should be.
Confirmation Bias
This type of bias occurs when one approves information that supports his or her interest
of choice (Busenitz & Barney, 2017). The individual in this type of bias focuses on the
information that rejects any information against what he/she believes. This type of bias may lead
to the biased type of decisions because the individual does not take time to factor out all the
important information.
Three general heuristics
A. Availability heuristic
In the process of making the decisions, one may remember some relevant things quickly.
Following the fact that those things are more available in the mind, one will be able to judge that
they are most important (Abel, 2013). This type of heuristic leads to thinking that some
outcomes are relevant to be decided and selected that they real be.