Confirmation Bias and Selective Exposure: A View on Information Preference from Behavioral Economics

Confirmation bias and selective exposure are closely related. These biases can affect the procession of information among individuals. This paper explores the cognitive mechanisms and behavioral manifestations of Confirmation bias and selective exposure. Based on empirical studies, this study examines how internal factors like confidence and metacognitive efficiency impact information processing. How contextual factors such as media platforms and the relevance to personal identity influence information selection is also discussed. The findings from both laboratory experiments and surveys indicates that these biases are widespread and variable, influenced by factors like relevance to identity, availability of cognitive resources, and metacognition. They also serve to strengthen attitudes that are congruent with beliefs, which may lead to political polarisation and the dissemination of false information. The study also explores useful tactics that might lessen the detrimental impacts of these biases, such as adjustments to media and teaching procedures. This study highlights the significance of understanding and mitigating confirmation bias and selective exposure to promote informed decision-making and reduce societal risks such as polarization and misinformation.