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The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
The egocentric bias
The egocentric bias causes us to think that our own perspectives are more important when considering events, ideas, and beliefs. For example, we tend to overestimate the amount we contributed to a team project.
The bias can make it more challenging to understand other people's perspectives. It can cause us to misinterpret situations and make poor judgements.
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How to reduce the egocentric bias
- Develop an awareness of the egocentric bias. It will help you to understand why people act in certain ways.
- Explore alternative viewpoints. Viewing a situation from another person's perspective can reduce the effects of the egocentric bias.
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Why we focus on our own perspective
People tend to exaggerate their role in a situation, but the exaggeration is not limited to egocentric individuals. Psychologists are discovering that a somewhat skewed view of reality is a universal trait that affects all people.
The reason we suffer from this cognitive bias is apparent: ...
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Egocentric bias: why we feel like the main character in our own movie
nesslabs.com
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Ness Labs provides content, coaching, courses and community to help makers put their minds at work. Apply evidence-based strategies to your daily life, discover the latest in neuroscience research, and connect with fellow curious minds.
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Optimism Bias
Looking at the bright side of life, and putting more weight on the likelihood of positive events happening around us is known as Optimism Bias.
The two beliefs that form this bias are:
- A belief that we possess a greater amount of positive traits than ...
The many faces of the memory bias
- Rosy retrospection bias. We often remember the past as having been better than it really was.
- Consistency bias. We wrongly remember our past attitudes and behaviour as similar to our present attitudes and behaviour.
- Mood-congruent ...
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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