The Four Villains of Decision Making - Deepstash
The Four Villains of Decision Making

The Four Villains of Decision Making

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Not Making Good Decisions

We are exposed to biases that influence our ability to make good decisions.

  • We are quick to jump to conclusions because we fail to search for information that might disprove our thoughts.
  • We're overconfident. We look for information that fits our ideas and ignore information that doesn't.

Knowing these and other biases is not enough. We need a framework for making decisions.

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The Four Villains of Decision Making

The Four Villains of Decision Making

  • Narrow framing: The tendency to define our choices in binary terms. We ask, "should I, or shouldn't I?" instead of “What are the ways I could...?”
  • Confirmation bias: People tend to select the information that supports their preexisting attitudes, beliefs, and actions.
  • Short-term emotion: When we’ve got a difficult decision to make, our feelings occupy our minds. And this doesn't add any new information that could benefit us.
  • Overconfidence: People often think they know more than they actually do about how the future will unfold.

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Defeating Decision-Making Villains

  • Counter narrow framing by widening your options. Expand your set of choices.
  • Confirmation bias leads you to gather self-serving information. Analyze and test your assumptions to overcome the bias.
  • Short-term emotion will tempt you to make the wrong choice. So distance yourself before deciding.
  • Prepare to be wrong. Don't be overconfident about how the future will unfold.

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CURATED BY

antoniov

"Try not to be a man of success, but a man of value." - Albert Einstein

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