INTEREST BIASES
PERSONALIZED GUIDANCE REPORT
Interest biases are one grouping of cognitive biases. These biases arise in the presence of conflicting incentives, including non-monetary and even purely emotional ones. Developing an awareness of your biases brings them to the forefront of your thinking and is the first step toward change. Working to overcome your biases will help you improve your decision-making and problem-solving. It will also enhance your relationships and help you treat people fairly.
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Action-oriented: Drive us to take action less thoughtfully than we should.
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Interest: Arise in the presence of conflicting incentives, including non-monetary and even purely emotional ones.
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Pattern recognition: Lead us to recognize patterns and sometimes imagine them even where there are none.
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Stability: Create a tendency toward inertia in the presence of uncertainty.
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Social: Arise from the preference for harmony over conflict.
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Self-related: Cause us to judge ourselves differently than we understand and judge others.
The following graphic is based on your responses and reveals insights into your tendency in the presence of conflicting incentives, including non-monetary and even purely emotional ones.
Read on to learn more!
CHOICE SUPPORTIVE BIAS
We may regard our past choices as better decisions than they were. In thinking too highly of our decisions, we often downplay their negative attributes.
YOUR PERSONAL GUIDANCE
Your responses indicate that you oscillate between holding on to your existing beliefs or decisions and viewing them skeptically. When presented with data that contradicts your beliefs, you may or may not change your stand, depending on the situation. You do not always believe that your previous decisions have been the best ones. Being aware of this bias will help you regulate your behaviors and mitigate the impact of this bias to help you make better decisions.
UNDERSTANDING OTHERS
Other people might be influenced by the Interest bias more or less than you are. Understanding other individuals’ bias levels will help promote constructive conversations with them.
Individuals strongly influenced by this bias are committed to the decisions they make and do not revisit or re-evaluate them. At times, when presented with data that may contradict their beliefs, they find it hard to believe the evidence and may refute the data and stand by their choices or decisions. This bias also makes them believe that their previous decisions were always the best ones in the given situations. Being aware of this bias will help them regulate their behaviors and mitigate the impact of this bias to help them make better decisions.
Individuals moderately influenced by this bias generally oscillate between holding on to their existing beliefs / decisions and viewing them skeptically. When presented with data that contradicts their beliefs, they may or may not change their stand depending on the situation. They do not always believe that their previous decisions have been the best ones.
Individuals free of this bias can objectively evaluate their previous decisions. They are open to re-assessing their currently held beliefs and ideas. When presented with data that contradicts their beliefs, they can question and re-think their decisions and their beliefs and choices.
BUYER'S REMORSE
Cognitive Dissonance causes us to second-guess a buying decision.
YOUR PERSONAL GUIDANCE
Your responses indicate that you may experience an unsettling feeling soon after you make decisions, especially those related to buying things. At times, this bias makes you think you would have got a better offer, deal, or price had you waited longer. However, you do not always think this and sometimes can experience a sense of with your spending decisions. Being aware of this bias will help you regulate your behaviors and mitigate the impact of this bias to help you make better decisions.
UNDERSTANDING OTHERS
Other people might be influenced by the Buyer’s Remorse bias more or less than you are. Understanding other individuals’ bias levels will help promote constructive conversations with them.
Individuals strongly influenced by this bias usually regret decisions soon after they make them, especially those related to buying things. This bias makes them think they would have received an offer price, or deal if they had waited a little longer, thought enough, or chosen a different product. Being aware of this bias will help them regulate their behaviors and mitigate the impact of this bias to help them make better decisions.
Individuals moderately influenced by this bias experience an unsettling feeling soon after they make them, especially those related to buying things. At times, this bias makes them think they would have got a better offer, deal, or price had they waited longer. However, they do not always think this and sometimes can experience a sense of happiness with their spending decisions.
Individuals who are free of this bias are happy with their decisions and rarely regret them, especially those related to buying things. Instead of focusing on what they might have missed, they focus on the decision made and the benefits or experience the product will provide.
INSTANT GRATIFICATION BIAS
We tend to prefer instant over delayed gratification. The farther away the reward, the more likely we are to dismiss it.
YOUR PERSONAL GUIDANCE
Your responses indicate that you would rather use the benefits available immediately than wait until later, even if waiting would be advantageous. This can lead you to miss out on improved benefits later. Being aware of this bias will help you regulate your behaviors and mitigate the impact of this bias to help you make better decisions.
UNDERSTANDING OTHERS
Other people might be influenced by the Instant Gratification bias more or less than you are. Understanding other individuals’ bias levels will help promote constructive conversations with them.
Individuals strongly influenced by this bias would rather use the benefits available immediately than wait until later, even waiting would be advantageous. This can lead them to miss out on improved benefits later. Being aware of this bias will help them regulate their behaviors and mitigate the impact of this bias to help them make better decisions.
Individuals moderately influenced by this bias, sometimes prefer the instant gratification of cravings and desires to wait for a better offer later. However, they do not always choose to act right away.
Individuals who are free of this bias can easily wait for something better than what is immediately available. They can overcome the desire for instant gratification and wait for better offers, incentives, and benefits.
MERE EXPOSURE BIAS
We are likely to develop a preference for something just because it is familiar.
YOUR PERSONAL GUIDANCE
Your responses indicate that you tend to be comfortable with what is familiar. You may at times, also tend to use or trust something because you are well-acquainted with it. You sometimes find it safer and easier to opt for popular or visible brands instead of something new or unfamiliar ones. Being aware of this bias will help you make better, objective decisions.
UNDERSTANDING OTHERS
Other people might be influenced by the Mere Exposure Effect more or less than you are. Understanding other individuals’ bias levels will help promote constructive conversations with them.
Individuals strongly influenced by this bias prefer familiarity to new options. They are likely to rely on using or trusting something because they are well-acquainted with it. They find it safe and easy to opt for popular or visible brands than something new or unknown. This bias makes them believe that new things or ideas are difficult and cumbersome, compelling them to stay with the familiar. Being aware of this bias will help them make better, objective decisions.
Individuals moderately influenced by this bias tend to be comfortable with what is familiar. They may at times, also tend to use or trust something because they are well-acquainted with it. They sometimes find it safer and easier to opt for popular or visible brands instead of something new or unfamiliar ones.
Individuals free of this bias can appreciate the advantages of new and unknown things or ideas. They are likely to be more comfortable exploring beyond their comfort zone than staying in it. They are curious about what is new and different in the market. This attitude makes them open to new ideas and equips them for informed decision making.
TRUTH EFFECT
Sometimes we believe the information to be correct after repeated exposure to it.
YOUR PERSONAL GUIDANCE
Your responses indicate that you strongly believe a piece of information when it is repeated many times over. This bias doesn’t allow you to look at things with an open mind. Being aware of this bias will help you think and reflect to help you make better, well informed, and objective decisions.
UNDERSTANDING OTHERS
Other people might be influenced by the Truth Effect more or less than you are. Understanding other individuals’ bias levels will help promote constructive conversations with them.
Individuals strongly influenced by this bias strongly believe a piece of information when it is repeated many times over. This bias doesn’t allow people to look at things with an open mind. Being aware of this bias will help people pause and think to help them make better, well informed and objective decisions.
Individuals moderately influenced by this bias tend to believe a piece of information that is repeated many times over. They may at times be open to different views and theories.
Individuals free of this bias can have an open mind towards ideas, viewpoints, and theories. They do not believe in something even if it is repeated many times over. They are likely to be objective when they come across information or news that supports or negates their strongly held beliefs.
CONCLUSION
Cognitive biases are innate. However, developing an awareness of your biases brings them to the forefront of your thinking and is the first step toward change. Working to overcome your biases will help you improve your decision making and problem solving. It will also enhance your relationships and help you treat people fairly.
This guidance was based on your responses to the Social Biases quiz which is one of six different grouping of cognitive biases:
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Action-oriented biases: Drive us to take action less thoughtfully than we should. Take the Action-oriented Biases Quiz
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Interest biases: Arise in the presence of conflicting incentives, including non-monetary and even purely emotional ones. Take the Interest biases Quiz
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Pattern recognition biases: Lead us to recognize patterns and sometimes imagine them even where there are none. Take the Pattern recognition biases Quiz
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Stability biases: Create a tendency toward inertia in the presence of uncertainty. Take the Stability bias biases Quiz
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Social biases: Arise from the preference for harmony over conflict. Take the Social biases Quiz
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Self-related biases: Cause us to judge ourselves differently than we understand and judge others. Take the Self-related biases Quiz
Talent Transformation has also developed worksheets to help you develop work on your biases to help you improve your decision making, problem solving, relationships and in being fair. Link to Cognitive Biases Workbook.
