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Discuss the role of cognitive biases in decision-making processes, examining their impact on individual behavior and outcomes in various contexts.

Discuss the role of cognitive biases in decision-making processes, examining their impact on individual behavior and outcomes in various contexts. Your response should analyze at least three specific cognitive biases, such as confirmation bias, anchoring bias, and availability heuristic, and explore how they influence perception, judgment, and decision-making. Additionally, discuss strategies for mitigating the effects of cognitive biases and enhancing rational decision-making. Illustrate your arguments with relevant psychological theories, empirical research findings, and real-life examples.

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