Final answer:
The framing bias is the cognitive bias where decision-making is influenced by how information is presented. This bias can lead to systematic deviations from rational decision-making based on the context or phrasing of information.
Step-by-step explanation:
The tendency of decision makers to be influenced by the way a situation or problem is presented to them is referred to as the framing bias. This cognitive bias occurs when different presentations of similar information significantly affect decision-making or judgment. For instance, when information is framed in a positive light, it may elicit a different reaction than if it were framed negatively, even if the underlying facts are the same. Framing can be influenced by word choice, context, or the focus of the information presented.
Similar types of cognitive biases include confirmation bias, which focuses on information that confirms existing beliefs, and availability heuristic, where decisions are made based on the most immediately recalled information. These biases can shape our perceptions and decisions in various ways, leading to systematic deviations from a standard of rationality or good judgment.