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The Power of Incentives: Inside the Hidden Forces That Shape Behavior

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https://fs.blog/2017/10/bias-incentives-reinforcement/

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The Power of Incentives: Inside the Hidden Forces That Shape Behavior
Charlie Munger According to Charlie Munger, there are only a few forces more powerful than incentives. In his speech " The Psychology of Human Misjudgment," he reflects on how the power of incentives never disappoints him: Well, I think I've been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I've underestimated it.

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The Psychology Of Behavior

In trying to change a behavior, reason will take you only so far, incentives must be taken into account as well. 

In psychology, operant conditioning is a type of learning in whi...

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Continuous Versus Intermittent Reinforcement

Studies on reinforcement revealed that the best way for us to learn complex behaviors is via continuous reinforcement, in which the desired behavior is rewarded every time it’s performed. Co...

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The Benefits Of Intermittent Reinforcement

  • Rewarding the behavior immediately may take time away from the behavior’s continuation.
  • It’s cheaper not to reward every instance of a desired behavior.
  • By mak...

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Scheduling Reinforcement

Scheduling the rewards on intermittent reinforcement can be used on various schedules, each with its own degree of effectiveness and situations to which it can be appropriately applied. Some...

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The Flaws Of Punishment As A Motivator

  • It’s behavior suppressing powers usually disappears when the threat of punishment is removed.
  • It often triggers a fight-or-flight response and renders us aggressive if escape...

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Motivational Alternatives To Punishment

Motivational Alternatives To Punishment
  • Stopping rewards to an undesirable behavior while rewarding desirable behaviors.
  • Positively reinforcing a less preferred activity with a more preferred activities.

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Your brain is the biggest obstacle.

There are lazy people, slackers, and folks who don’t step up, but generally, human beings are hardwired to hang in, not to leave or quit. 

What’s hard for human beings is letting go...

The most common biases

  • You’re focused on the time and energy you’ve already invested, or the sunk cost fallacy.
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Do this if you want to quit

  • Get a bead on your emotions. Don’t set yourself up for a “straw-that-broke-the-camel’s back” moment.
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  • Prepare for the stress of transition. The best defence is knowing ahead of time how you’re likely to react.

Perfectionism

Perfectionism is a personality trait, which can be an endless pursuit of high standards in every area of our lives, but can also be a 'disorder' like condition or a phobia, akin to '

Constant Mental Punishment

The trait of perfectionism constantly makes a person judge, compare and criticize suboptimal decisions or mistakes in any aspect of the daily routine.

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The Voice In The Head

Perfectionism is a voice in our head, constantly fed by the media and society's ideals, coaxing us into doing things in the best way, to get the desired results. 

It is useful in its purpose but in extremities can have negative effects on the body and mind.

Fasting....

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Intermittent fasting for weight loss

When we fast, Insulin levels fall, signaling the body to start burning stored energy as no more is coming through food. Blood glucose falls, so the body must now pull glucose out of storage to burn for energy.

In essence, intermittent fasting allows the body to use its stored energy. 

Health benefits of intermittent fasting

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Habits can form very quickly. For instance, give someone a new phone, and their emotional response to using the device will wire in a habit very quickly. There is no need for repetition.

New habits then form as long as people have a strong positive emotion connected to the new behavior.

Designing for habit formation

Emotions create habits, not repetition. If you are designing a new habit, you are really designing for emotions.

Intentionally create feelings of success to wire in the habits that you actually want in your life.

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Confidence is often seen as an elusive trait that others have but you don’t.

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Tall posture

How you hold yourself physically plays a big part in how you hold yourself mentally.

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Change your environment

Changing your environment changes the stimuli that are going into your brain—this affects your moment-by-moment perception of the world.

Think of places you frequent where you feel your most creative, happiest, relaxed. Aim to go to these places when you feel low in confidence.

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Listen

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Actions Have Underlying Functions

Many times, the external appearance of behaviour isn’t the full story and has underlying functions. It is just a symptom and not the problem.

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