#AFFINITY BIAS PLUS#

Self-awareness is key and this exercise can help you notice when others have their own affinity bias impacting their decision-making. Unconscious Biases to look out for (in ourselves and in others). What was that experience like for you? Have you noticed a change possible affinity bias in your top five? If so, that's perfectly okay. For each person, note your responses in each column and pay particular attention to the diversity of your top five. Then, create seven columns going across the page and label them with the following, gender identification, age, education, sexual orientation, disability, yes or no, marital status, and finally, ethnicity and or race. This bias is common and may lead you to form closer relationships with people who share similar interests, backgrounds, and beliefs. Take a piece of paper and on the left side, write down the names of the top five people outside of your immediate family who you spend the most time with. Affinity bias, also known as similarity bias, is a psychological term that refers to a person's tendency to prefer or have an affinity for people with whom they have a lot in common. Consider using this simple test to determine if you have a tendency to associate with people who are most like you. This type of bias also leads to people’s micro-affirmations playing out. So don't let your affinity bias overly influence your hiring decision, just because the two of you have something in common. Affinity bias leads to people favouring those who they feel they have a connection or affinity towards. Affinity bias occurs when we see someone, we feel we have an affinity with maybe we attended the same college, we grew up in the same town, or they remind us of someone we know and like. This affinity may help the candidate relax and have a more casual and conversational style interview, allowing you to get to know them on a personal level, but your commonality doesn't guarantee he or she will be the best qualified candidate for the role. Perhaps you and the candidate attended the same college or grew up in the same neighborhood. We feel comfortable and relaxed around this person because of this affinity. Why? Because much like the similarity attraction bias, the affinity bias is the tendency to want to hire people who we have something in common with. This is known as the affinity bias and in the recruiting and interview process, it can lead to a workplace that lacks diversity and tends to be homogenous. Affinity bias refers to an individuals tendency to make irrationally uneco- nomical consumer choices or investment decisions based on how they believe. This could be based on gender, ethnicity, or a lot of other personal characteristics.

#AFFINITY BIAS PLUS#

O’Reilly members experience live online training, plus books, videos, and digital content from nearly 200 publishers.- In most cases, we tend to associate with people we have something in common with and who make us feel comfortable. Affinity bias refers to an individuals tendency to make irrationally uneconomical consumer choices or investment decisions based on how they believe a. Get Behavioral Finance and Your Portfolio now with the O’Reilly learning platform.

This behavior may lead to sub-optimal investment results if. Similarly, in the investment realm, individuals may invest in certain companies, such as those that produce Range Rovers, because they feel that this company reflects their values or self-image. A person may purchase a Range Rover or similar sport utility vehicle because they want to be viewed by others as someone who is “outdoorsy” (sometimes regardless of the extent to which the person actually engages in outdoor activities) when a much more affordable vehicle would easily transport them from point A to point B. A consumer may purchase a fine bottle of well-known wine in a restaurant or wine shop for hundreds of dollars to impress their dinner guests, while a bottle that costs much less could be equally delicious but would not convey the same status. A common example of this behavior in the consumer product realm is when one purchases wine. This idea focuses on the expressive benefits of a product rather than on what the product or service actually does for someone (the utilitarian benefits). Here are some ways that you can reduce your own unconscious biases and help to prevent them impacting your decision. My yachts were, I suppose, outstanding status symbols.Īffinity bias refers to an individual's tendency to make irrationally uneconomical consumer choices or investment decisions based on how they believe a certain product or service will reflect their values.