Two-Track Analysis
- Rational Factors: The first track involves evaluating the rational factors that govern the interests involved. This includes analyzing the real interests, probabilities, and logical considerations that should influence the decision (solving a problem using clear, objective reasoning).
- Psychological Factors: The second track focuses on the subconscious influences and psychological biases that might affect decision-making. These are the automatic, often irrational responses that our brains generate, which can lead to misjudgments.
- Decision makers should be aware of the psychological factors too!
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The Wit and Wisdom of Charles T. Munger.
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