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These 5 Cognitive Biases Are Diminishing Your Decision-Making Skills
Today, I want to introduce you to the enemies of good decisions - cognitive biases.Let’s dive in.So what are cognitive biases?Imagine your brain is a super busy, slightly lazy, office worker.It’s got a ton of tasks (thoughts) to handle every day, and to make life easier, it takes shortcuts.Now, these shortcuts are what we call cognitive biases.They’re like the brain’s cheat codes - to quickly make decisions without having to analyze every single detail.
The Problem: While these shortcuts help our brains save energy,they can also trick us into making stupid mistakes.Think of it like autocorrect on your phone.It’s meant to help you type faster, but sometimes it changes “Let’s eat, Grandma!”to “Let’s eat Grandma!”, which is… you know, not great.So, next time you make a snap decision or remember something a bit too perfectly,
just remember, that it might be your brain taking a shortcut.Now, I will introduce you to the 5 most common cognitive biases - so you will never be negatively affected by them.
1. Anchoring BiasThis tendency makes you rely too heavily on first impressions when making decisions.You get anchored to the first piece of framing information you encounter.This tendency is commonly exploited by businesses when making offers,in negotiations (think of buying a car), or even a salary negotiation with a new employee.Takeaway: Don’t be attached to the first number.
2. Association BiasIrrelevant association that qualities of one thing are inherently qualities of another.Your brain is a connection machine and likes to see patterns and connections - even if they don’t exist.Takeaway: Ask yourself “Are those things connected?”
3. Authority BiasYou will attribute greater value to the opinion of authority figures.Of course, many authorities have earned their credibility through experience but an actor might not be the right person to rely on for health advice.Takeaway: Ask yourself “Is this person an authority in this specific field?”
4. Availability BiasThis bias occurs when information is recently made available to you.Availability bias stems from over-reliance on your recent experiences within your frame of reference.Think of a plain crash - when a plain crash is all over the news, you are less likely to book a flight.Takeaway: Rely on statistics over a long period, not the news.
5. Confirmation BiasThis is your tendency to search for, interpret, favor, and recall information in a way that confirms or supports your prior beliefs or values.People display this bias when they select information that supports their views, ignoring contrary information.The effect is strongest for desired outcomes, emotionally charged issues, and deeply entrenched beliefs.Takeaway: Become an emotionless, neutral observer, not a participant.So, I hope you liked this week’s episode.I would love to get some feedback from you or topic ideas you would like to be dissected soon!
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Enjoy the rest of your Sunday - and never forget to Optimize.
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