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Why decision-making blunders are made
Each day, we automatically make thousands of choices, from what time to wake up to what to eat.
The problem with this automatic processing is that there are instances when we jump to conclusions that are wrong.
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Sunk-cost fallacy. Present yourself with the new options at hand -- without considering the sunk cost.
Narrow framing. When we're in situations that will repeat themselves over time, we should take a step back and play a game of averages...
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Most decision-making errors boil down to:
- logical fallacies (over-generalizations, comparing apples and oranges, circular thinking)
- limiting beliefs (underestimations of what's possible)
- judgment biases (valuing certain factors above others)....
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People don't like to rethink their beliefs once they are formed.
We would rather ignore information that would challenge our ideas than engage with threatening new information. This is called "confirmation bias".
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