 Cultural bias. Chapter 8 in On the Methodology of Financial Economics, 2023, pp 221-226 from Edward Elgar Publishing Abstract: The purpose of this chapter is to emphasize the role of a culture that is created through a circular effect of psychology on rationality and ideology. To this end, this chapter, first, brings to the fore a psychological phenomenon called “confirmation bias,” according to which people seek or interpret evidence in ways that support their existing beliefs, expectations, or hypotheses. This chapter, then, discusses how this phenomenon biases the attitudes and rationalities of various persons due to their beliefs, expectations, or hypotheses. That is, a person, who holds specific beliefs, expectations, or hypotheses, would have an unconscious biased attitude and reasoning in the interpretation of life events. This chapter, finally, discusses how the biased attitude and reasoning of a political group dominates those of the rest of the society, which constitutes the basis for the circular role of the confirmation bias. Unless the person gets exposure to this psychological phenomenon and becomes acquainted with the role of alternative rationalities and ideologies (e.g., through a multi-paradigmatic approach), the person will have an unconscious biased view of life events Keywords: Economics and Finance; Law - Academic (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:22320_8 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Chapters from Edward Elgar Publishing |
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