The information bias is a cognitive bias that occurs when people seek out more information than is necessary or helpful in making a decision. This can lead people to waste time and resources gathering unnecessary information, and it can also lead to analysis paralysis, where people are unable to make a decision because they have too much information to process.

For example, consider a person who is trying to decide what car to buy. They may spend hours researching different models, comparing features and prices, and reading reviews, even though they already have enough information to make an informed decision. This person may be exhibiting the information bias because they are seeking out more information than is necessary to make a good decision.

The information bias can also play a role in situations where people are trying to predict uncertain outcomes, such as the success of a new product or the performance of an investment. In these situations, people may believe that they can improve their predictions by gathering more and more information, even though the accuracy of their predictions is ultimately limited by the inherent uncertainty of the situation.

To overcome the information bias, it is important to recognize when enough information has been gathered to make a good decision and to resist the temptation to keep seeking out more. It can also be helpful to set clear goals and criteria for decision-making and to focus on the most relevant and reliable sources of information.

The concept of the information bias has been studied in the field of psychology and behavioral economics for several decades. It is related to the concept of the "curse of knowledge," which refers to the difficulty that people have in understanding the perspective of others who have less information than they do.

The idea of the information bias has been explored in numerous academic papers and has been discussed in popular books on psychology and behavioral economics. It is now widely recognized as a common cognitive bias that can influence people's decision-making and problem-solving.

While the origins of the concept of the information bias are not well documented, it is likely that it has always been a part of human cognition, as people have always sought out information in order to make informed decisions. However, the term "information bias" and the systematic study of this bias as a cognitive phenomenon is a more recent development.