Final answer:
Confirmation bias is a cognitive bias that causes individuals to favor information that confirms their existing beliefs and assumptions. It can impact decision-making and reinforce biases. Awareness and seeking diverse perspectives can help mitigate its effects.
Step-by-step explanation:
Confirmation bias is a cognitive bias that causes individuals to search for, interpret, favor, and recall information that confirms or supports their existing beliefs and assumptions. It is the tendency to screen out information that is contrary to our values and assumptions. For example, if someone believes that a certain political party is more effective in managing the economy, they may only seek out and remember information that supports this belief, while ignoring or dismissing information that contradicts it.
Confirmation bias can have significant impacts on decision-making and the formation of beliefs. It can lead to the reinforcement of existing biases and prevent individuals from considering alternative perspectives or challenging their preconceived notions. It is important to be aware of confirmation bias and actively seek out diverse information and perspectives to mitigate its effects.