The anchoring effect
It essentially works like this: rather than making a decision based on pure value for investment (time, money, etc.), we factor in comparative value—that is, how much value an option offers when compared to another option.
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Emotional Reasoning
It is the habit of making decisions based on how we feel rather than what we value.
It's when we use our emotions and feelings as evidence for what we should or shouldn’t do. Depression and procrastination are common results of this.
Why we can’t accurately predict our needs
- Projection bias can occur because we don’t realize how much exogenous factors — things that happen outside of our control — can influence our decision-making.
- Overestimating impact. When we are faced with significant life events, lik...
"Every choice we make in life is an experiment. Every day offers fresh opportunities to find better decision-making frames. We live in a time when data is more plentiful, cheaper to analyze, and easier to translate into action than ever before. Smartphones, websites, d...
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