Impact Bias - Deepstash
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Impact Bias

Impact Bias

Impact bias is the tendency to overestimate the hedonic impact of future events.

For example, consider two groups of people where one group won the lottery, and the other group became paraplegics. Data shows people of both groups are equally happy a year after the event. 

A recent study suggests that major life traumas that happened over three months ago had no impact on happiness. 

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MORE IDEAS ON THIS

William Shakespeare said, "Tis nothing good or bad but thinking makes it so.

Adam Smith, the father of modern capitalism, said, "The great source of both the misery and disorders of human life seems to arise from overrating the difference between one permanent situation and ano...

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295 reads

The ability to synthesize happiness

All human beings have this capacity to synthesize happiness, but some can do it more effectively.

  • Freedom - the ability to make up your mind and change your mind - is a friend of natural happiness because it allows you to choose the one you would most enjoy. 
  • H...

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298 reads

Psychological immune system

In 1642, Sir Thomas Brown wrote that he is the happiest man alive. "I have that in me that can convert poverty to riches, adversity to prosperity, and I am more invulnerable than Achilles. Fortune hath not one place to hit me. "

All humans have the same remarkable notion

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343 reads

The importance of understanding synthetic happiness

The importance of understanding synthetic happiness

In a Harvard study, students could join one of two photography courses where they can also develop two of their best photos, one for them and the other for headquarters.

  • They could join the course where they had four days to decide which photo they wanted to keep.

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286 reads

Synthesising happiness

Synthesising happiness

  • Natural happiness is what we get when we obtain what we want.
  • Synthetic happiness is what we make when we don't get what we want. 

In our society, we strongly believe that synthetic happiness is of an inferior kind. Howev...

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336 reads

Bounded and unbounded ambition

Bounded and unbounded ambition

Our desires are often overblown. Of course, some things are better than others, but when our preferences drive us too hard and too fast because we overrate the difference between the two, we risk sacrificing things of real value. 

When our ambition is bounded, we're prudent...

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291 reads

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CURATED BY

nicij

The first step in the acquisition of wisdom is silence, the second listening, the third memory, the fourth practice, the fifth teaching others.

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The Impact Bias

The Impact Bias

It's present when we tend to overestimate the length or intensity of happiness that major events will create. The Impact Bias is one example of affective forecasting, which is a social psychology phenomenon that refers to our generally terrible ability as humans to predict our future emoti...

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