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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
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.
- Apply self-distancing language. Change from the first to the third person when describing a situation.
- Ask for feedback instead of relying on your own perception of a situation. Ask your colleagues, friends, and family to tell you how they think you are doing.
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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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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 o...
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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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How to reduce your egocentric bias
- Use self-distancing language: for e.g, instead of thinking “what should I do”, think “what should you do”/“what should [your name] do”.
- Try to see things from someone else’s viewpoint, or you can try to see things from a generalized external perspective.
How to create self-distance
- Use self-distancing language: refer to yourself in the second or third-person.
- Try to view the situation from an alternative viewpoint, that is different from your own.
- Try to visualize the perspective of someone you admire, and then ask yourself what w...
How to avoid the zero-sum bias
To reduce the degree to which you experience the zero-sum bias, you need to identify cases where you assume that a certain situation is zero-sum, and then assess the situation rationally in order to identify whether it is actually zero-sum, which you can do, for example, by asking yours...
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