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Impact Bias: Understanding and Overcoming It

Do you sometimes make decisions based on how you think you'll feel after the outcome, only to realize it was nowhere close to what you expected? This is the impact bias at play, one of the most powerful cognitive biases that influences how we process information, make decisions, and evaluate outcomes.

In this post, we'll delve deeper into the impact bias, how it affects our decision-making processes, and what we can do to overcome its negative effects.

What is impact bias?

Impact bias is a cognitive bias that refers to our tendency to overestimate the intensity and duration of our emotional responses to future events. It's the common phenomenon of thinking that a positive outcome will make us happier than it actually will, while a negative outcome will make us sadder than it actually will.

In other words, we tend to overestimate the emotional impact of both positive and negative events, often leading us to make decisions based on faulty assumptions about the future. When we experience an event, the emotional response is often not as intense or long-lasting as we had anticipated, which can lead to a sense of disappointment.

For example, many people may think that having a particular item or experience will make them happy, only to discover that it loses its appeal over time. Similarly, they may dread a specific event, only to find it's not as bad as they initially thought.

How impact bias affects our decision-making

The impact bias can affect our decision-making in many ways. For instance, it can cause us to hold onto things that are not valuable or let go of things that are valuable but not in line with our current emotional state.

When we overestimate the emotional impact of an outcome, we may become too attached to it, pursuing it at all costs, even if it's not right for us. Conversely, when we underestimate its impact, we may avoid it or give up too easily, fearing the worst.

This is particularly true in businesses that rely on convincing customers to make a purchase. Failing to address impact bias when designing products, services, or even brand campaigns, can result in the customer's disappointment or frustration and can harm their trust, and further down the line, the business's revenue.

Overcoming impact bias

Overcoming impact bias can be challenging, but it can be done. Here are some suggestions:

• Gather information and make a plan: If you're considering a significant decision, such as accepting a new job offer or making a major life change, make sure you understand the potential outcomes and their likelihoods. Then, create a plan of action that includes different scenarios, so you're prepared for whatever may happen.

• Recognize and question your assumptions: It's easy to fall into the trap of making assumptions, particularly about the things that matter most to us. To overcome impact bias, recognize when you're making assumptions and question them. Ask yourself if there's any evidence to support what you're thinking or if there's a more rational explanation.

• Practice gratitude: Cultivating gratitude can help you focus on the positives in life and reduce the impact of negative events. When you feel grateful, your brain releases dopamine, a neurotransmitter associated with pleasure and reward. You can practice gratitude by keeping a gratitude journal, writing a thank-you note, or expressing appreciation verbally.

• Focus on the present moment: One way to overcome impact bias is to focus on the present moment. When we're lost in thoughts about the past or future, we tend to magnify our emotional responses, which can make us more susceptible to impact bias. To stay present, practice mindfulness or meditation, spend time in nature, or do something that makes you fully engrossed in the moment.

Conclusion

The impact bias is a powerful cognitive bias that can affect our decision-making and the way we evaluate outcomes. It's essential to recognize its influence and take steps to overcome it. By gathering information, questioning assumptions, practicing gratitude, and staying present, we can make more informed decisions and live happier, more fulfilling lives.

sources:

https://www.verywellmind.com/what-is-impact-bias-2795058 https://www.psychologytoday.com/us/blog/design-your-path/202102/how-overcome-the-impact-bias-make-better-decisions?amp https://hbr.org/2016/06/how-to-make-better-predictions-using-the-abcd-method