Measuring individual differences in cognitive biases: The Cognitive Bias Inventory
This article described the behavioral measurement of six classic cognitive biases (framing, availability, anchoring, overconfidence, hindsight/outcome bias, confirmation bias). Each measure showed a satisfactory level of reliability with regard both to internal consistency (mean Cronbach’s alpha = .77) and temporal stability (mean test-retest correlation = .71). Multivariate analysis supported the hypothesis that each cognitive bias captures specific decision-making processes as the six biases: (a) were virtually uncorrelated (mean correlation = .08), thus indicating no general decision-making competence factor, (b) were moderately correlated with other relevant constructs (the A-DMC components, cognitive ability, decision-making styles, and personality factors), (c) were more related to performance on a narrow domain of decision-making (the ability to overcome an intuitive wrong answer as measured by the CRT) than to the general success in real-life decision-making as measured by the Decision Outcomes Inventory (DOI). We introduce this set of behavioral tasks as the Cognitive Bias Inventory (CBI), a psychometric tool allowing for the reliable assessment of individual differences in six common, independent cognitive shortcuts. The CBI appears as a useful tool for future research on decision-making competence and how it relates to decision errors.