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December 29, 2021

Conservatism Bias

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Conservatism bias is a resistance to changing your opinion on something, even when presented new information. Psychologically this might be in place to protect yourself from thinking less of yourself, or being embarrassed. But we probably agree there are so many things that we don’t know about and anything that compromises our ability to update our belief systems is actually holding us back.

A simple example of conservatism bias can be found in business and investing. You have a reason to believe that a stock will do well, but when the company’s leadership announces issues, you don’t take action as quickly as you should because you’re holding on to the original impression you generated. Conservatism bias is characterized by inaction or not making changes in the face of new evidence.

It takes a brave, strong, and confident person to admit when they were wrong. No one is going to have all the right answers, and everyone benefits from being more receptive to new information that comes in. Their willingness to put their ego aside if their competencies are being threatened is a great indicator for success. This is someone who isn’t overly influenced by conservatism bias and therefore, they can more quickly receive feedback and implement positive changes.

So to wrap this up and make it more tangible for you today, I want to ask you this question - What information or key insight might you be refusing to accept right now? Conservatism bias likely is playing a part in it, and you just might experience a major improvement in your life upon acknowledging and accepting it.

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