Impact of availability bias (CE:IP)

Availability bias is a cognitive bias that occurs when people make decisions based on the most recent and easily accessible information they have. When it comes to CE:IP (consumer electronics and intellectual property), this bias can have a significant impact. The availability bias could lead to people prioritizing the latest trends in consumer electronics and intellectual property, even if they are not necessarily the most efficient or effective in terms of performance or cost. People may also ignore past technological successes or lessons learned and focus solely on the newest trends and products. This can result in wasted resources and time trying to keep up with the latest trends, rather than creating an effective solution.