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Conservatism cognitive bias refers to the tendency of individuals to insufficiently revise their beliefs when presented with new evidence. This bias falls under the broader category of information overload, as people tend to give disproportionate weight to their prior knowledge or beliefs and do not adequately adjust them with fresh information. The phenomenon is closely associated with the psychological difficulty of abandoning previously held concepts and the innate preference for consistency.
Conservatism bias occurs when individuals are faced with new data that challenges their existing beliefs but fail to update those beliefs to the extent that they should, given the strength and validity of the new information. This can be attributed to cognitive dissonance, where individuals experience discomfort from clashing thoughts, prompting them to prefer stable beliefs over those requiring frequent change.
A notable example of conservatism bias occurs in financial markets: investors might hold onto unprofitable stocks longer than warranted because they do not adjust their beliefs about the stock's future performance even when clear negative evidence emerges. In everyday life, people might continue to believe in a debunked health myth even after receiving ample evidence against it.
The consequences of conservatism bias include decision-making based on outdated or incorrect beliefs, resistance to innovation, persistence of stereotypes, and the potential exacerbation of misinformation. In fields such as finance, this can lead to suboptimal investment decisions and possible financial loss; in healthcare, it can contribute to the spread of myths and dangerous practices.
To counteract conservatism bias, individuals and organizations can implement strategies such as seeking diverse perspectives, engaging with new information critically, being open to change, and creating feedback mechanisms that emphasize the evaluation and integration of new data. Encouraging environments where questioning and revisiting beliefs is normalized can also help mitigate this bias.
Critics argue that the conservatism bias might not always be detrimental; in some scenarios, it can protect individuals from overreacting to unreliable or misleading information. Moreover, some suggest that the extent of the bias can vary significantly across different contexts and cultures, which means that it cannot be uniformly labeled as detrimental.
Conservatism in human information processing
Edwards, W. (1982)
Biased assimilation and attitude polarization: The effects of prior theories on subsequently considered evidence
Lord, C. G., Ross, L., & Lepper, M. R. (1979)