what’s the difference? the language and example provided in notes make them sound similar if not the same…
conservatism: inadequately account for new information while making a decision. overweight initial beliefs about probabilities, outcomes. belief perseverance bias. so you are slow to update your forecasts. also stick on to old belief since you do not want the mental stress of updating the belief. Confirmation: is slightly different. Given new information - only absorb what matches your belief, discard everything else. (so something gets taken in… provided it matches what is already believed). In conservatism - entire new info is discarded.
that helps. thanks a lot cpk