Confirmation bias plays a massive part in the way we all think and make decisions. In this episode, we’re delving into what this bias actually is and how to recognise it in ourselves. It’s so important to be able to spot confirmation bias at play because we can miss a lot when we aren’t aware of it.
To help us get a better understanding of how we all fall prey to confirmation bias, we chat to Rachel Alberts – digital media lead at a top South African retailer. The social media echo chamber effect is a big talking point and shows us just how easy it is to fall into a feedback loop that continually confirms your beliefs. Rachel also gives us some great tips on how to break out of the echo chamber.
Useful links:
A link to the graph mentioned about cognitive dissonance: https://www.nudgingfinancialbehaviour.com/the-social-media-echo-chamber/#CD
Useful tips for beating confirmation bias: https://www.youtube.com/watch?v=xwZj_72Mawk
More on the social media echo chamber effect: https://www.wired.com/story/facebook-twitter-echo-chamber-confirmation-bias/
You can also read more on my blog: https://www.nudgingfinancialbehaviour.com/the-social-media-echo-chamber/
Or watch to the video version of this podcast episode: https://youtu.be/g6PTSP1LCRk
Special thanks to everyone who has helped put this series together:
Behavioural biases unpacked - Episode 10 | Season 1
Trailer for Episode 10 - Behavioural biases unpacked
Anchoring Bias - Episode 9 | Season 1
Trailer for Episode 9 - Anchoring Bias
The Framing Effect - Episode 8 | Season 1
Trailer for Episode 8 - The Framing Effect
Trailer for Episode 7 - Confirmation Bias
Overconfidence Bias - Episode 6 | Season 1
Trailer for Episode 6 - Overconfidence bias
System 1 and System 2 - Episode 5 | Season 1
Trailer for Episode 5 - System 1 and System 2
Have a plan - Episode 4 | Season 1
Trailer for Episode 4 - Have a plan
Managing debt - Episode 3 | Season 1
Trailer for Episode 3 - Managing debt
Financial Literacy - Episode 2 | Season 1
Trailer for Episode 2 - Financial literacy
Welcome to the Nudging Financial Behaviour Podcast - Episode 1 | Season 1
Trailer for Episode 1 - Welcome to Nudging Financial Behaviour
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