Biases and fallacies in how we choose - Deepstash

Biases and fallacies in how we choose

  • Loss Aversion: We prefer not to lose rather than gain
  • Myopia: We make choices based on short term gain, often at long-term costs
  • Conformity: We tend to make choices to conform with the behaviour and expectations of others
  • Anchoring Bias: Choosing by relying too heavily on the first piece of information offered. 
  • Availability Bias: Choosing by overestimating the likelihood something will happen because you can imagine it (e.g. being in a plane crash)
  • Representativity Bias: Choosing by overestimating the likelihood something will happen because it fits (is representative of) your expectations

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yugjain

Generalist. Great minds discuss ideas, average minds discuss events, small minds discuss people.

Although this book is focused more on policy innovation, I liked the parts which show that any consumer-focused innovation should begin with understanding how consumers choose.

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