Conservatism bias
Conservatism bias is the tendency to favor existing evidence or prior beliefs over new information, leading to a resistance in updating one's views despite contradictory evidence.
THE IDEA
Conservatism bias occurs when people give existing beliefs or evidence more weight than new research or proof. As a result, they do not revise their beliefs enough when new data becomes available.
When to use it
Scientific paradigm shifts: Researchers may resist new theories that contradict established models.
Investment decisions: Hanging on to losing assets due to initial optimism.
Personal beliefs: Refusing to accept updated evidence on health advice because it contradicts long-held practices.
FROM THEORY TO EVERYDAY LIFE
In practice
Flat Earth Belief
People were reluctant to acknowledge that the world was round because they retained their earlier belief that the globe was flat.
Financial Inertia
An investor ignores new financial reports indicating a stock is declining, instead holding onto it due to their initial positive analysis.
A MOMENT TO REFLECT
Put it to work.
When have you rejected new evidence because it challenged your existing beliefs?
How might you actively seek out and weigh new information in decision-making?
CONTINUE THE CONVERSATION
Source texts
- 60 Cognitive Biases That Ruin Everything We Do by David Scott