Cognitive Bias Mitigation: How to Make Decision-Making Rational?

Tomas Kucera ()
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Tomas Kucera: Czech National Bank, Na prikope 28, 115 03 Prague 1, Czech Republic

No 2020/1, Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies

Abstract: Cognitive biases distort judgement and adversely impact decision-making, which results in economic inefficiencies. Initial attempts to mitigate these biases met with little success. However, recent studies which used computer games and educational videos to train people to avoid biases (Clegg et al., 2014; Morewedge et al., 2015) showed that this form of training reduced selected cognitive biases by 30 %. In this work I report results of an experiment which investigated the debiasing effects of training on confirmation bias. The debiasing training took the form of a short video which contained information about confirmation bias, its impact on judgement, and mitigation strategies. The results show that participants exhibited confirmation bias both in the selection and processing of information, and that debiasing training effectively decreased the level of confirmation bias by 33 % at the 5% significance level.

Keywords: Behavioural economics; cognitive bias; confirmation bias; cognitive bias mitigation; confirmation bias mitigation; debiasing (search for similar items in EconPapers)
JEL-codes: D03 D81 Y80 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2020-01, Revised 2020-01
New Economics Papers: this item is included in nep-cbe and nep-exp
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:fau:wpaper:wp2020_01

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