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The latter is considered by some to be "deeper" or real cognitive 
therapy.  
First, let's compare two different treatment approaches based on 
different theories. There is a squabble between conditioning and 
cognitive explanations of fears. You may need to understand these 
different theories in order to select the self-help method that best fits 
your condition. Each theory recommends somewhat different 
treatment methods, e.g. exposure to the scary situation vs. changing 
erroneous ideas (next 3 methods) or guided mastery. If phobias are 
largely conditioned physiological reactions, then you should be able to 
reduce the phobia response by exposing yourself for a long time to the 
harmless but frightening object or situation (although this alone would 
surely change your appraisal of the situation). But, if phobias are 
largely caused by your own erroneous beliefs or thinking, you would 
need to correct your appraisal of the situation, learn some skills useful 
in that situation, correct your false conclusions about the situation, 
and re-evaluate your ability to cope with that situation. A therapist, 
self-help guide, or ordinary person acting as a model would probably 
be helpful when using many cognitive techniques with strong fears or 
panic.  
Despite being very different theories, the treatment of fear based 
on conditioning and cognition have a lot in common. Both eventually 
require the frightened person to confront the frightening but harmless 
situation. This exposure will usually gradually extinguish the intense 
fear response and cause the person to think more realistically about 
the situation. Which is the critical change? The scientist needs to 
know. It doesn't matter much to the phobic, if his/her treatment 
method works. If the method you try doesn't work, just select another 
method.  
Is it possible that some fears are based more on conditioning and 
others are caused more by fantasies and faulty perceptions or 
thinking? Yes, very likely, although psychologists can't, at this time, 
tell one kind of fear from another. Joseph Wolpe used desensitization 
with a patient fearful of cockroaches. It didn't work. Then he learned 
that her husband was nicknamed "Cockroach" and that they had 
serious marital problems. After Wolpe did marital therapy, the 
relationship improved and the cockroach phobia went away without 
special treatment. Wolpe now believes about 1/3 of phobias are 
cognitive and don't benefit from desensitization, which he "invented." 
So, when we are distressed, we will just have to try different 
treatments and see what works best for us. Knowing the different 
theories, however, helps you find or devise different approaches to 
changing.  
Fortunately, the research to date indicates that both exposure to 
the frightening situation and correcting our faulty perceptions and 
conclusions are generally effective in reducing fears. As you consider 
the next three cognitive methods try to decide which would work best 
for you.