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Differences in decisions affected by cognitive biases: examining human values, need for cognition, and numeracy
Regis K Kakinohana1, Ronaldo Pilati2
1Institute of Psychology, University of Brasilia, Brasilia, DF, 72910-000, Brazil. regis.kakinohana@gmail.com.
Summary
Human values influence decision-making, but cognitive biases affect choices uniquely. Understanding these individual differences in biased choices can inform strategies to mitigate cognitive biases.
Area of Science:
- Cognitive Psychology
- Social Psychology
- Behavioral Economics
Background:
- Cognitive biases impact decision-making, linked to cognitive abilities and thinking styles.
- Human values are studied in relation to attitudes and behaviors, but not cognitive biases.
- Individual differences in human values and their connection to specific cognitive biases remain under-explored.
Purpose of the Study:
- To investigate how individual differences in human values (self-direction, conformity, power, universalism) relate to specific cognitive biases (anchoring, framing, certainty, outcome).
- To examine the mediating role of need for cognition and the moderating role of numeracy in these relationships.
- To explore individual variations in susceptibility to different cognitive biases.
Main Methods:
- Online questionnaire administered to 409 Brazilian adults (ages 18-80).
- Measurement of individual differences in human values and susceptibility to four cognitive biases.
- Statistical analysis to assess relationships, mediation (need for cognition), and moderation (numeracy).
Main Results:
- Cognitive biases consistently influenced choices and preferences across participants.
- Biases exhibited distinct relationships with individual values, suggesting diverse psychological mechanisms.
- Higher value on self-direction correlated with less susceptibility to the anchoring effect.
- Susceptibility to one bias did not predict susceptibility to another, highlighting individual specificity.
Conclusions:
- Individual differences in human values are uniquely associated with susceptibility to specific cognitive biases.
- Cognitive biases do not affect all individuals uniformly; psychological mechanisms vary.
- Findings contribute to understanding how to potentially modulate cognitive biases and heuristics based on individual value orientations.
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