Our decisions are often altered by two subtle short-term emotions:
Loosing sucks and we subconsciously make decisions to avoid losses on the short term, even when we amplify losses on the long term.
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Understanding the importance of decision-making
Identifying biases that affect decision-making
Analyzing the potential outcomes of a decision
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Similar ideas to Emotional decision failure
We make decisions based on the information that we have. However, we tend to be more reliant on the negative more than the positive. This causes two outcomes:
Risk aversion – where we prefer an assured outcome over a gamble with a higher expected outcome; and
...People weigh negative information more than positive information.
According to revolutionary work by Kahneman and Tvetsky, we treat the same monetary values differently, depending on whether they are gains or losses. This is called loss aversion.
We have this bias because our ancest...
Attentional Bias: subconsciously we choose points where we pay attention to. A smoker is more likely to notice other people smoking.
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