Why Do You Always Make Bad Decisions?
A common occurrence of heuristics in which we use an initial starting point as an anchor that is then adjusted to yield a final estimate or value.
Example: estimating the value of an object based on the common price of similar objects.
This is a professional note extracted from an online article.
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People who are told that the risk of something bad happening is lower than they expected, tend to adjust their predictions to match the new information. But they ignore the new information when the risk is higher.
Part of this overly optimistic outlook stems from our natural tendency to believe that bad things happen to other people, but not to us.
Sometimes we make poor comparisons or the compared items are not representative or equal.
We often decide based on rapid comparisons without really thinking about our options. In order to avoid bad decisions, relying on logic and thoughtful examination of the options can sometimes be more important than relying on your immediate "gut reaction."
To make decisions quickly and economically, our brains rely on cognitive shortcuts known as heuristics. Heuristics allow us to make judgments quickly and often accurately, but they can also lead to fuzzy thinking and poor decisions.
To minimize the potential negative impact of heuristics on your decisions, become more aware of them.
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Decisions are a cost-benefit analysis of risking something small for the opportunity to gain something big.
Trade-offs are not something as simple as flipping a coin. Our values guide us towards what we want in life, and it is not the same for all. Example: Buying a house has a trade-off of mortgage for the next ten or more years. This is subjective and depends on what we value in life.
Indecisive people suffer because they don’t know their inner values and what they care about.
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As reaction to panic or stress the body pumps adrenaline, making you breath faster and certain parts of the body feel tight, that makes us prone to often incorrect snap judgments. When having that kind of response, close your eyes, take a few breaths, and take some time to consider your next action.
That buys you time to physically calm down enough to make a more considered choice.
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Before jumping to a conclusion, think about the long-term consequences of your decision.
We may respect those able to fling themselves into a hard problem and make a quick choice with seemingly little thought, but making a meaningful decision needs to be done with care for the long-term effects.
It’s important to be aware of what state of mind you’re in before tackling a hard choice.
Decision fatigue happens when the mental energy required to weigh the tradeoffs of our decision becomes too much for us to handle.
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