Debiasing

Debiasing is the reduction of bias in judgment and decision making, where a biased judgment is one that systematically deviates from the prescriptions of objective standards such as facts, logic, rational behavior or other prescriptive norms. Biased judgment and decision making shows up in consequential domains including medicine, law, policy and business as well as in everyday life; investors, for example, tend to exhibit the disposition effect by holding onto falling stocks too long and selling rising stocks too quickly. At an individual level, people who exhibit less decision bias have been found to have more intact social environments, a reduced risk of alcohol and drug use, lower childhood delinquency rates, and superior planning and problem-solving abilities.