III. Egocentrism or Self-Serving Bias (Cognitive Illusion No. 2)
Egocentrism is the tendency (i) to overestimate one’s talents and life prospects and (ii)…
One striking example of the first facet of this bias is the fact that people tend to ignore statistical evidence, considering themselves as exceptions to the rule. A study involving recently married U.S. couples demonstrated that they almost unanimously expected that they would not divorce in spite of the statistical probability of divorce being 50%.…
Under the second facet of the bias, people tend to act in a way that is beneficial to them. Thus, “despite code of ethics, in the face of good intentions, and without conscious awareness, judgements tend to move in the direction of self-interest”.…
The concept of benefit incorporates not only financial or reputational gain but also…
Another important example of egocentric bias in arbitration pertains to the arbitrator’s…
This bias is also closely linked to the confirmation bias analysed above in this…
As indicated before, we all have the tendency to simplify what is complex for the…
A quote attributed to Albert Einstein arguably offers a cure to the disease: “[e]verything…
When dealing with “egocentrism” applied to arbitrators, experience may also play…
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