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The threat of cognitive biases – The daily blog of behavioral and cognitive economics

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The threat of cognitive biases – The daily blog of behavioral and cognitive economics

FILE PHOTO: Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo

In the age of AI, cognitive bias could be fatal

Regardless of our willingness to embrace it or our level of preparedness, the era of AI is already upon us and is evolving at breakneck speed. Succumbing to cognitive biases would be the most daunting error in this age, possibly leading to being left behind by the shifting tides of change. Such cognitive biases mainly encompass two levels: firstly, they stem from entrepreneurs and politicians lacking clarity in understanding the qualitative shifts of the AI era, leading them to approach and tackle issues using traditional perspectives. They perceive it merely as an upgrade built upon the foundation of conventional computing power, akin to an auto-update for Microsoft Windows. ….[READ]

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