Final answer:
Availability bias refers to the cognitive distortion where individuals base their judgments and decisions on information that is most readily available to them, rather than all relevant data.
Step-by-step explanation:
The tendency to only seek attributes in existing collected data is known as Availability bias. This cognitive bias causes individuals to make judgments about the probability of events based on how easily instances or occurrences can be brought to mind. For example, someone might judge a recent event as more relevant or important for decision-making because it is more memorable, rather than considering all relevant information.
This bias is part of a group of cognitive biases that influence how we collect, recall, and interpret information from the world around us. In contrast, Confirmation bias is the tendency to seek, interpret, and remember information that confirms one's preconceived beliefs or hypotheses, essentially avoiding or disregarding information that challenges these beliefs.