Cognitive Biases and Their Impact - 26 (Information Bias)
Information Bias Definition Information bias is the inclination to excessively pursue data and conduct additional surveys when making decisions, even when existing data is already adequate. It reflects a persistent urge to gather more information, often beyond what is truly necessary. Discovery and Origins The concept of information bias has its roots in psychology and decision-making studies, with notable contributions from researchers in the field of behavioural economics and cognitive psychology. One of the earliest explorations of information bias can be traced back to the work of Daniel Kahneman and Amos Tversky in the 1970s and 1980s. Their research on cognitive biases and heuristics highlighted how individuals often make irrational decisions based on flawed reasoning processes, including the overvaluation of information. Kahneman and Tversky's work laid the groundwork for understanding various cognitive biases, including information bias. Through numerous experiments, they d