Final answer:
Confirmation bias is the process where individuals favor information that confirms their existing beliefs, helping to maintain their self-concept and psychological well-being.
Step-by-step explanation:
The process where individuals try to confirm and maintain their existing self-concept is commonly referred to as confirmation bias. This psychological phenomenon involves people favoring information that validates their preconceived notions and beliefs, which helps them preserve their current self-identity and views. When individuals engage in this process, they select and interpret information in a way that sustains their pre-existing attitudes and avoid or discount information that contradicts them. This mechanism allows individuals to maintain a consistent sense of self, and can also lead to cognitive dissonance when they encounter information that conflicts with their beliefs. Developing and preserving a coherent self-concept that is consistent with one's values and beliefs is a central part of an individual's psychological well-being.