Is the confirmation bias really a bias?

Link post

The confirmation bias is a widely discussed cognitive phenomenon that has drawn considerable attention in psychology and behavioural economics.

Traditionally, the search for confirmatory information has been portrayed as a bias, suggesting a systematic deviation from rational information processing. However, upon closer examination, this characterisation lacks a solid foundation in a precise understanding of what truly constitutes the best information processing strategy.

Optimal information acquisition involves making the best use of limited time and resources. In this context, the optimal strategy to acquire information can require looking for confirmatory evidence that aligns with one’s pre-existing beliefs. This point has been made by several researchers, and recently by Zhong (Optimal Dynamic Information Acquisition, Econometrica, 2022) in a general framework where a decision-maker can fully flexibly decide the type of information to collect under two constraints: more informative signals are more costly and waiting longer to collect information is costly. Zhong’s result is that the decision-maker’s optimal strategy is to look for confirmatory information in the form of a Poisson process that gives from time to time strong signals confirming the decision-maker’s prior belief (when this prior belief is right).

I develop this general point in the Substack post linked. Another interesting post on this topic is Klein’s The Curious Case of the Confirmation Bias, that presents older criticisms about the psychological evidence about the confirmation bias.

In the end, it looks like the notion of “confirmation bias” has been at best overused, at worst it may be a pure misconception to think of it as a bias.