The Hidden Forces Shaping Your Choices: Overcoming Bias in Voting, Healthcare, and Finance
Lenora Billings-Harris, CSP, CPAE (she, her)
President and CEO of UbuntuGlobal
Now that the U.S. national elections are underway, many people are experiencing heightened anxiety. Whether it’s from the polarized political climate, the flood of information, or concerns over making the "right" choice, it’s clear that this time of year can be emotionally charged. But beyond the emotions lies a hidden force that shapes our decisions: cognitive biases.
Two prominent biases—adequate information bias and psychological comfort bias—can significantly influence not only voting decisions but also critical choices in healthcare and finance. By understanding these biases and actively working to counteract them, we can make more informed and thoughtful decisions.
Adequate information Bias
Adequate information bias occurs when we believe we have enough information to make a decision, even when that information is incomplete, outdated, or misleading. This bias can lead us to make decisions with a false sense of confidence, ignoring critical evidence or alternative perspectives.
In healthcare, adequate information bias can lead patients and physicians to make suboptimal treatment decisions. A study published in Health Affairs found that patients often rely on personal anecdotes or limited data when choosing between treatments, even when extensive clinical research suggests better alternatives. Physicians can fall into this trap as well, sometimes relying on outdated protocols, their own past experiences, or unconscious racial bias or gender bias rather than fully considering evidence or new technologies. This bias can result in treatments that are less effective, harmful or even death to patients.
Adequate information bias also appears in finance, particularly in investment decisions. Investors often over-rely on information from familiar sources or industries, ignoring broader market trends. Research from the National Bureau of Economic Research shows that individuals tend to stick to what they know, which limits their potential for growth. This bias can cause investors- professional or personal- to overlook opportunities or take unnecessary risks, ultimately compromising their financial well-being. Additionally, Adequate information bias impacts lenders as they examine who should receive mortgages or business loan
When it comes to elections, voters are bombarded with information from news outlets, social media, campaign ads, text messages, and personal conversations. Yet, despite this influx, many people fall prey to adequate information bias. They may feel they know enough about a candidate or issue based on limited, often one-sided, sources. Confirmation bias, the tendency to seek out information that supports pre-existing beliefs, exacerbates this issue. In fact, studies on political psychology reveal that voters often ignore critical information that contradicts their worldview or their values, leading to choices that may not reflect the most informed or well-rounded perspective.
Psychological Comfort Bias
Psychological comfort bias refers to our tendency to gravitate toward information that feels emotionally comfortable, even if it's not fully accurate. We often avoid or dismiss data that makes us uncomfortable, challenges our beliefs, or introduces uncertainty. At a national and international level, the way the early signs of the COVID19 pandemic were ignored by some is an example of psychological comfort bias.
This bias is especially prevalent in healthcare, where patients may prefer treatments that offer emotional reassurance rather than the most effective solutions. For example, patients might opt for familiar, less invasive treatments even if more aggressive approaches have been proven to yield better outcomes. This desire for psychological comfort can cloud judgment, preventing individuals from making the most medically sound decisions.
In finance, psychological comfort bias can lead to risk aversion or overconfidence. Investors may avoid diversifying their portfolios because they’re emotionally attached to specific stocks or sectors. Alternatively, they might invest too confidently in well-known companies, ignoring the volatility or broader market risks. The result? Financial decisions based more on emotional comfort than on sound analysis.
During elections, psychological comfort bias manifests when voters cling to familiar narratives or candidates that offer emotional ease, even if those narratives lack substance or accuracy. In times of political and social upheaval, it’s natural to want certainty. However, this desire for comfort can lead us to overlook critical issues, candidates’ real policy positions, or the long-term implications of our vote. As Brené Brown wisely stated, “We cannot selectively numb emotions; when we numb the painful emotions, we also numb the positive emotions.” In other words, avoiding discomfort in decision-making can lead to a less informed, less engaged civic life.
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What Can You Do?
Recognizing the influence of these biases is the first step in overcoming them. Here are several strategies that can help mitigate their impact:
· One of the best ways to combat adequate information bias is to seek out diverse perspectives. Whether in healthcare, finance, or voting, don’t rely on a single source of information. Read multiple news outlets, consult different experts, and engage with people who have different viewpoints.
· Challenge the information you receive. Ask questions like, “Is this source credible?” “What’s the evidence?” and “What other perspectives exist?” This practice helps prevent overconfidence in limited data and encourages a more thorough understanding of complex issues.
· Psychological comfort bias stems from a desire to avoid uncertainty or conflict. Yet, making the best decisions often requires facing uncomfortable truths. Whether it’s a difficult medical diagnosis, a volatile financial market, or a contentious political landscape, being open to discomfort allows for more honest and effective decision-making.
· In healthcare and finance, it’s crucial to consult professionals who have access to the most up-to-date information and research. In elections, consider consulting non-partisan sources that provide in-depth analyses of candidates and policies. These opportunities provide context and clarity, reducing the likelihood of falling into biased thinking.
· Talk to people with different viewpoints. Open discussions can challenge your assumptions and broaden your perspective. Enter these discussions with curiosity to learn rather than a need to convert. Engaging with others in a respectful, non-confrontational way helps combat both adequate information and psychological comfort biases.
· Stay informed about the latest research, data, and trends in areas that matter to you. In healthcare, understand your treatment options; in finance, keep up with market developments; and in elections, take time to read about the candidates and their policies in depth.
As the election season unfolds and you face decisions in other areas of life, remember that biases like adequate information bias and psychological comfort bias can shape your choices in ways you might not realize. By actively seeking diverse perspectives, practicing critical thinking, and embracing the discomfort that often comes with complexity, you can make more informed, less biased decisions that better align with your long-term values and goals.
Navigating the emotional landscape of elections can be tough.