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How to make rational decisions
The role of biases in decision-making
The impact of social norms on decision-making
Status Quo Bias
System 1 defaults to choices that maintain the status quo because System 1 psychologically weighs losses twice as much as gains (loss aversion). System 1 is emotionally attached to objects it owns or invests in (the endowment effect) and overvalues the status quo.
You can ask yourself - “What opportunities do I lose by maintaining the status quo?” (or, “If I continue to say yes to this, what am saying no to?”)
1.04K
3.16K reads
MORE IDEAS ON THIS
“Intelligence is not only the ability to reason; it is also the ability to find relevant material in memory and to deploy attention when needed.”
DANIEL KAHNEMAN
1.04K
4.03K reads
Anchoring Effect
Anchors are arbitrary values that we consider for an unknown quantity before encountering that quantity.
Anchors are known to influence many things, including the number of money people are willing to pay for products they have not seen.
So before choosing th...
1K
4.73K reads
Confirmation Bias
Within WYSIATI, people will be quick to seize on limited evidence that confirms their existing perspective. And they will ignore or fail to seek evidence that runs contrary to the coherent story they have already created in their mind.
Just ask yourself - "Why do we...
1K
2.83K reads
Understanding 2 Systems
System 1 comprises the oldest parts of the brain. It operates automatically and involuntarily. This system is always functioning and is responsible for most of the day-to-day activities. It is also responsible for our reactions to danger, novelty, and intuition.
Sys...
1.02K
6K reads
Bat and Ball Problem
Try to solve this problem -
"A bat and a ball cost $1.10 in total. The bat costs $1.00 more than the ball. How much does the ball cost?"
-
-
-
If you say $1 for the ba...
987
6.43K reads
“Nothing in life is as important as you think it is, while you are thinking about it”
DANIEL KAHNEMAN
1.13K
9.94K reads
Answer To Bat & Ball Problem
In this type of case you just need to use your system 2 and spend some time with it. And you will get the answer as $1.05 for bat and 5 cent for the ball.
Now the ball is $1 more than the bat.
973
4.52K reads
Availability Bias
The bias of availability happens when we give too much weight to recent evidence or experience.
If we don’t check for the ‘Availability Bias’ (or what psychologists call the mere‐exposure effect) prior to an important decision, then our preference will be b...
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“Our comforting conviction that the world makes sense rests on a secure foundation: our almost unlimited ability to ignore our ignorance.”
DANIEL KAHNEMAN
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“A reliable way to make people believe in falsehoods is frequent repetition because familiarity is not easily distinguished from truth. Authoritarian institutions and marketers have always known this fact.”
DANIEL KAHNEMAN
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4.32K reads
“The confidence that individuals have in their beliefs depends mostly on the quality of the story they can tell about what they see, even if they see little.”
DANIEL KAHNEMAN
997
3.85K reads
Loss Aversion
Ask yourself “If I flipped a coin and could lose $100 on tails or win $150 on heads, would you take the bet?” Did you feel a slight hesitation to the gamble? Most people do, even though it’s a reasonable bet to take.
Losses loom larger than gains - relative to a ref...
1K
3.17K reads
Framing Effect
Imagine that there is an outbreak of a deadly disease that will kill 600 people and you must choose between the two options -
- Option 1: Guarantees that 200 people will live.
- Option 2: Provides a one-third probability that all 600 people will ...
1.03K
3.66K reads
Tunnel Vision Bias
System 1 loves to use limited information to form quick judgments and then block out conflicting information. The author Daniel Kahneman calls it W‐Y‐S‐I‐A‐T‐I (What You See Is All There Is).
Kahneman explains that System 1 sees two or three pieces of information and t...
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3.06K reads
CURATED FROM
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A learner who loves to share wisdom on personal growth, happiness, and success on Deepstash. Topics include motivation, habits, goals, and mindset. Believes that everyone can achieve their dreams with the right attitude and action.
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Common Explanations for Status Quo Bias
These explanations are all irrational for preferring the status quo:
- Loss Aversion: When we make decisions, we weigh the potential for loss more heavily than the potential for gain.
- Sunk Costs: We continue to invest resources like time, mone...
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