Final answer:
Confirmation bias refers to the tendency to seek out and give more importance to information that supports one's existing beliefs, reinforcing stereotypes and overlooking contradictory evidence.
Step-by-step explanation:
When individuals prefer information and evidence that affirm their pre-existing beliefs and assumptions, they are engaging in what is known as confirmation bias. This cognitive bias allows a person to seek out, interpret, favor, and recall information in a way that confirms their preconceptions, while giving disproportionately less consideration to alternative possibilities. Confirmation bias is a significant psychological phenomenon as it can maintain or strengthen beliefs in the face of contrary evidence. It's often seen in the context of decision-making processes and belief systems. This concept is crucial for understanding how people may reinforce stereotypes and neglect information that challenges their existing views.