Man is one who likes to think that he is a rational being who thinks deeply before making a decision. As a matter of fact, the human brain cannot do without mental shortcuts to handle the vast number of information that it faces daily. They are brain shortcuts, or cognitive biases, which are thought patterns that are used to make swift judgments. Although cognitive biases help save time and mental power, they may also cause inaccurate judgments and perception, as well as bias. Knowledge on cognitive biases will help in getting a good explanation on why individuals tend to make non-logical decisions that are not long term oriented.

The formation of cognitive biases is due to the fact that the brain is programmed to think in terms of efficiency and not perfection. It would not be possible to process all the details of all situations. Rather, the brain processes information and makes up the available gaps depending on previous experiences, expectations and emotional attachment. Consequently, individuals would tend to have the confidence to make judgements despite the fact that the judgments are affected by the concealed biases.

Confirmation bias is one of such biases which involves seeking out information that validates the existing beliefs and ignore the other information which opposes them. As an illustration, when one feels that a certain idea is true, then they will concentrate on articles, discussions, and experiences that support their thought. The evidence which contradicts itself can be rejected or ignored. This forms a positive feedback loop over time where beliefs enhance in strength at whatever accuracy they have.

The other common bias is the availability bias. It happens when individuals determine the chances of events due to the ease with which examples are retrieved. When an individual is constantly exposed to airplane accidents, he or she might think that flying is a more dangerous way of getting to a place compared to driving, although they are not. The brain will perceive examples, which are easy to remember, to be more prevalent than they are.

The anchoring bias affects the evaluations of the numbers and values by the individuals. The brain takes the initial number as a reference point even in cases where the number is arbitrary. An example is when a commodity has been priced highly and thereafter a discount has been offered, the new price might appear to be a bargain, though it might be quite costly. Perception is anchored on the first number.

The status quo is also a bias which favors the same, which affects the brain. Change is a mind-intensive process and it is uncertain. Consequently, individuals tend to make use of what they know even in the presence of alternatives that are more effective. This is the reason why people can remain in a job they are not satisfied with, in unhealthy habits, or even oppose new ideas.

The other relevant bias is loss aversion. Human beings are more likely to experience the loss than the gain. The loss of a low value of money might be a worse experience than the gain of the same value being good. Due to this, people tend to shun risks that may result in a loss, even when there are likely gains that may be more as compared to the possible losses. This prejudice greatly affects the choices related to finances, profession, and personal life.

Cognitive bias teaches individuals to be more understanding of themselves and other people. The negative motives are not always manifested in mistakes. They often emerge out of thin air and as such they appear in our minds as a result of cognitions.Knowledge about biases clarifies and thus results in more prudent decisions.The more prudent we are the better decisions we make.