The Most Common Cognitive Biases - Deepstash





What are 'heuristics'?

The Most Common Cognitive Biases

  • Representativeness Heuristic: assumes that if something reminds us of something we know already, it is part of the same group.
  • Availability Heuristic: The more something comes in front of us, the more likely we think it is.
  • Anchoring Heuristic: Unconsciously giving a disproportionate amount of importance to the first piece of information that is learned.




Economic rationality
Economic rationality

We usually think about rationality as being sensible or reasonable. For economists, rationality means when you make a choice, you will choose the thing you like best. Economic rationality a...

'Rational choice theory' and 'Bounded rationality theory'
  • Rational choice theory thinks of people as economic super-men and women, also known as homo economicus. Economists use this theory to think about what 'economic man' would do, then add up the actions of billions of people to make models about how the economy works.
  • Bounded rationality theory looks at the ways we don't or can't act like homo economicus. It sees people as rational but limited by the information they possess and their ability to process that information.
Mastery Also Involves Boredom
Mastery Also Involves Boredom

Mastery does not happen by chance. If you want to fulfil your potential, you must practice consistently at a specific skill over a long time. But the top performers in any craft also figure...

How to Fall in Love With Boredom

There is little hope of falling in love with a habit you really hate. If you dislike exercising, but you know it's good for you, you have two options to fall in love with the repetitiveness of the routine:

  • You can increase your proficiency at the task. Learn the basic fundamentals of your task and celebrate the small wins and improvements you make.
  • You can fall in love with a result of the task rather than the task itself.
The Power of Patience

Success is often found by practising the fundamentals that everyone knows they should be doing, but they find it too tedious or simple to practice regularly.

A blend of patience and consistency creates the ultimate advantage.

Start with habits you can't say no to
Start with habits you can't say no to

Start extremely simple and work your way up. There's always room to increase the difficulty later.

If you want to build an exercise habit commit to 1 minute per day...

Understand what is holding you back

Take the time to examine why you're avoiding a habit. In most cases, the cause is related to something deeper than laziness or not wanting to do something. Once you understand the true reasons you can find an appropriate remedy.

A reason for not exercising, for example, could be because you don't like crowds or the long commute to the gym.

Have a plan for when you fail

Understand and accept that you are not going to be perfect on your first try. So take the time to think ahead of a plan about ways to get back on track when you slip up.