How are you making snap decisions?
Are you susceptible to the cognitive biases of recency and primacy?
Previously, we have explored how most analyses of our decisions are likely retrospective justifications. Influenced by Type A thinking, our thought processes introduce countless biases and cognitive shortcuts. Thus, despite our inclination to believe that we exercise sound judgment in rapid decisions, the reality is that our cognitive biases and heuristics can heavily influence our outcomes.
Now, consider two additional biases to expand your understanding: recency and primacy. These biases are manifestations of the serial position effect, which suggests that our ability to recall items in a list or series depends on their position. Recency bias refers to the impact of the last item we encountered, while primacy bias pertains to the influence of the first item.
Would you like some evidence?
One compelling example of primacy bias relates to the era of Yellow Pages or business directories. When looking up plumbers, we often encounter names such as A-Acme, AA-Acme, AAA-Acme, etc. These plumbers aspire for their name to be the first and most memorable that catches our attention, demonstrating the potency of primacy bias.
Another scenario where biases come into play is during performance reviews conducted by managers. Recency bias can distort evaluations as the last action of an employee can disproportionately impact the overall assessment. In such cases, a recent mistake by an employee in our latest interaction might overshadow the positive contributions they made over the previous months. Therefore, ensuring that the recency effect doesn't influence our decisions is crucial, particularly when citing "the straw that broke the camel's back" to justify acting.
A significant challenge faced by individuals striving for success is that the middle position in any list often becomes a stagnant zone. The most advantageous positions are typically found at the beginning or end of a list. While you may believe that placing yourself in the center is beneficial, it may be a narrative you've constructed without objective reality.
Recognizing biases like recency and primacy allows us to recognize their influence on our decision-making processes and strive for more balanced and accurate assessments.