Define the term "cognitive bias."

• A. A tendency to make irrational financial decisions
• B. A systematic pattern of deviation from norm or rationality in judgment
• C. A process of organizing information logically
• D. An ability to remember information accurately

Answer: (B)

A cognitive bias refers to a systematic pattern of deviation from norm or rationality in judgment. This means that individuals may process information and make decisions in ways that are not logically sound or that deviate from objective standards. Cognitive biases often arise from the brain's attempt to simplify information processing, leading to skewed perceptions, irrational decision-making, and errors in judgment.

For example, confirmation bias is a well-known cognitive bias where individuals tend to favor information that confirms their existing beliefs while ignoring evidence that contradicts them. This can lead to a distorted view of reality and poor decision-making outcomes.

In contrast, the other answer choices revolve around specific instances or skills rather than the broader concept of cognitive bias. They either describe particular decision-making scenarios (like irrational financial decisions) or refer to cognitive processes such as organizing information logically or accurately recalling memories, none of which encapsulate the essence of cognitive bias which is about systematic errors in thinking and judgment.