Confirmation Bias

Definition: Confirmation Bias is the human tendency to gather, remember and interpret information in a biased way, thus confirming their beliefs, values or hypotheses.
CB is believed to be stronger for emotionally charged issues and for deeply entrenched beliefs.
Explanations for CB include wishful thinking, the limited human capacity to process information, decreasing cognitive dissonance, as well as the tendency to weigh up the costs of being wrong, rather than trying to be rational.
CB can lead to serious problems in decision making and business strategy. CB is one form of cognitive bias and is similar to anchoring bias and status quo bias.
Also called Tunnel Vision or Selection Bias.

More on confirmation bias. More on individual decision making: Anchoring Bias, Bayesian Theory, Black Swan Theory, Bounded Rationality, Cognitive Bias, more...