Fallacies and Cognitive Biases: Zero-Risk Bias ~ by Ransom

 

This article is part of an ongoing series that began with Fallacies and Cognitive Biases.

The above picture is a detail from "50 Cognitive Biases to be aware of so you can be the very best version of you"

"We prefer to reduce small risks to zero, even if we can reduce more risk overall with another option."

This cognitive bias is a risk management tool that doesn't always work well in our modern world.

Risks are not all the same type.  We may be willing to take large risks of some types but not others.  For example, our willingness to accept risk in the stock market is likely much higher than our willingness to risk our children's health.

Some things are far more critical than others.  Having a zone of safety where outcomes are guaranteed gives us a retreat when we face the high-risk zones.

Here is another perspective on the problem: WHY are the small risks small while the larger, "cheaper" risks are large?

In a situation where this cognitive bias takes place it is likely that the small risk is small because it has been worked on for a while.

A man exhibiting the Zero-Risk Bias probably has a completionist perspective on the one risk.  From his perspective he is not focused on reducing total risk so much as getting rid of risk sources one at a time.  For whatever reason, the small risk is the one he is working on.

As an analogy, eating the last fibers of my steak is a tedious process; I can get a higher steak/minute ratio by just getting more steak instead of cleaning my plate.

See Sunk Cost Fallacy, Gambler's Fallacy.