Sometimes, it is hard to let go of something valuable without realizing that letting go is greater than we think.
Sometimes, a loss can feel more powerful than a gain of the same magnitude and vice versa. Considering the pain of a loss – or euphoria of a gain – can weigh heavily on future decisions it can cause more harm than good.
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Confirmation bias is when you actually seek out evidence to support a predisposed belief.
In this strip, Dilbert's boss believes that his managerial skills can affect the company stock. His belief is later reinforced, mostly by coincidence. However, because he was affected by bias he mistook the research as confirmation.
Framing refers to how a person makes decision depending upon how the information is presented. Framing effect is often used in marketing to influence decision-makers and purchases.
You can use this strategy to engage customers to buy your products. But depending on how you frame your messages, it can also be used to make the best of a bad situation.
Written by Scott Adams, is an 'infamous' comic strip that shows a humorous look in office life, but also manifests lessons on behavioral economics.
Dilbert’s boss shows overconfidence by assuming that all management is – himself included – above average. This is hardly the truth, in general. As for Dilbert’s boss, he completely misses the jab attacking his math skills because he’s too focused on himself.
Overconfidence of bosses can end up putting their companies in risky ventures. We all need to take some time to cool our egos and look at the world around us more realistically.
.... refers to the study of how social and psychological factors (decisions made by an individual, institution or business) can affect the market and its resources.
A good poker player chooses a table where he has a better chance to win. A group of casual players is better than a table of professional players.
In your career, you need to pick the right stream or the right company, where your skills are in demand, and your contribution will be valued.
Being aware of your own biases doesn't mean you will be free of them. You need a system that will help prevent your proclivities from taking control.
Rather refer to bias as "predictable mistakes" that people make when planning. For instance, getting anchored on last year's numbers. That is bias, but the language provides another way of addressing it. It is more pointed and practical.
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