#45 The memory trap: how the Availability bias shapes our choices

The Availability bias is when we make decisions based on the information that is readily available or easily recalled. It's a cognitive bias that places more significance on a recent set of events rather than thinking holistically.

Have you ever had a great meal and thought: "Wow, this is the best meal I've ever had!" That's an example of the availability bias. The meal might not actually be the best meal you've EVER tried, but it's readily available in our memory - so we put more significance to it.

Availability bias influences our decisions. We tend to make decisions based on what we remember. And what we remember is influenced by our beliefs, experiences, and things we consume. Media plays a huge role in that. Take earthquakes. In the last 30 years, less than 100 people died in Tajikistan as a result of an earthquake. But the fear of earthquakes is at all-time high right now because of the recent earthquakes in Turkey. The event got a lot of media coverage and the effects are still fresh in the collective memory.

Brands use availability bias to influence our decisions as well. When you see Coca Cola commercials on TV all the time, you are more likely to order Coca Cola the next time you get a drink.

What's most recent is likely to be what's available. What's available tends to sway our decision-making ability. The best thing we can do is try to be aware of this bias and make sure that we are taking a holistic approach.

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