Additional Bias Effects
In this video, Roger expands on his video "Bias Effects" by covering more biases including confirmation bias, availability bias, hysteresis, social proof and delusion.
Overview
The FCA are especially concerned with biases in finance, because they lead to irrational decisions that negatively impact consumers. Some of which are explained below including confirmation and availability bias, social proof, hysteresis, and delusion bias.
Key learning objectives:
Why do biases happen?
Why do conduct regulators care about behavioural science?
Define and give examples of confirmation and availability bias, social proof, hysteresis, and delusion bias
Summary
Expert
Roger Miles
Roger researches behavioural risks in organisations, and advises senior leaders on how best to communicate risk and conduct matters. Previously, Roger ran risk communication programmes for professional bodies and the British Government. He now runs industry-level Academies for Conduct and Culture, and produces workshops with financial firms.
