Decision-making errors

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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Anchoring Bias

When we’re evaluating an option, we often fixate on the first piece of information we have about it.

Decide in advance what outcome you have in mind.

Confirmation Bias

If you already have an opinion about something before you've even tried to figure it out, chances are you'll over-value information that confirms that opinion.

Think about what kinds of information you would expect to find to support alternative outcomes.

Attribution Bias

The “fundamental attribution error,” is when we excuse our own mistakes but blame other people for theirs.

Give other people the chance to explain themselves before judging their behavior.

The Sunk Cost Fallacy

“Sunk costs” are money, time, or effort we’ve already spent and can’t get back.

Cultivate a habit of admitting your mistakes. Ask yourself: If the past didn’t exist and you’re just starting out now, what would you do?”

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RELATED IDEAS

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. 

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".

We surround ourselves with it: We tend to like people who think like us; if we agree with someone's beliefs, we're more likely to be friends with them.

This makes sense, but it means that we subconsciously begin to ignore or dismiss anything that threatens our world views

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