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How to Make Better Decisions: 10 Cognitive Biases and How to Outsmart Them



The Art of Improvement

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Don’t become a victim of these systematic errors in thinking.

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⏱ TIMESTAMPS
0:00 – Intro
1:09 – Bias 1
1:37 – Bias 2
2:04 – Bias 3
2:44 – Bias 4
3:16 – Bias 5
3:46 – Bias 6
5:13 – Bias 7
5:49 – Bias 8
6:19 – Bias 9
6:53 – Bias 10
7:15 – The Bottom Line

🔗 ADDITIONAL LINKS & RESOURCES
Is there a universal self-serving attribution bias?: https://psycnet.apa.org/record/2007-09589-009
The Science of FOMO and What We’re Really Missing Out On: https://www.psychologytoday.com/gb/blog/ritual-and-the-brain/201804/the-science-fomo-and-what-we-re-really-missing-out
The retrospective gambler’s fallacy: https://psycnet.apa.org/record/2009-12960-001
How Do People Perceive the Causes of Behavior?: https://www.jstor.org/stable/27847255?seq=1
What Is Narrative Bias?: https://www.psychologytoday.com/gb/blog/science-choice/201612/what-is-narrative-bias#:~:text=When%20an%20unpredicted%20event%20occurs,referred%20to%20as%20narrative%20bias.
Survivor Bias and Mutual Fund Performance: https://academic.oup.com/rfs/article-abstract/9/4/1097/1580100
A method of estimating plane vulnerability based on damage of survivors: https://apps.dtic.mil/dtic/tr/fulltext/u2/a091073.pdf
WHAT IS NEUROECONOMICS?: https://camerergroup.caltech.edu/
A Direct Study of Halo Effect: https://www.tandfonline.com/doi/abs/10.1080/00223980.1985.9915460
Models of Temporal Discounting 1937–2000: https://www.semanticscholar.org/paper/Models-of-Temporal-Discounting-1937%E2%80%932000%3A-An-and-Gr%C3%BCne-Yanoff/265c2b3df547b9b517e987697b638ee95cf63ea3
If you don’t want to be late, enumerate: Unpacking reduces the planning fallacy: https://www.researchgate.net/publication/222760308_If_you_don’t_want_to_be_late_enumerate_Unpacking_reduces_the_planning_fallacy

✍️ This was initially published as an article on Medium.com by Jennifer Clinehens: https://medium.com/growth-habits-lab/make-better-decisions-10-cognitive-biases-and-how-to-outsmart-them-e0daee80f512

✍️ Author: Jennifer Clinehens | https://www.youtube.com/channel/UCiO6vrXqJQ8-y7scco0o5cw

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30 thoughts on “How to Make Better Decisions: 10 Cognitive Biases and How to Outsmart Them
  1. "Fear of missing out" "am I doing something because I want to, or ill feel left out if I dont?"
    This isnt necessarily bad, for example if your friends keep asking you to go out with them but you dont want to, you'll keep saying no but there will be a point where they stop asking and therefore stop caring about you, so as a result you'll become alone, so in this situation you should go out with them even if you dont want to

  2. Very nice informative video.
    I am reading this things from the book ' Art of Thinking Clearly' but I need to understand things more clearly. This video helped me pretty much.

  3. This video could be retitled: "Tricks marketers use to sell overpriced, useless crap….don't fall for their tricks".
    Informational video, nonetheless.

  4. Very good material here. Reading lately the work of Daniel Kahneman on this and I can confirm we literally operate on auto which we haven't chosen. The mental glitches we face and the cognitive biases are many. And not the only ones. "Thinking. Fast and Slow" by Daniel Kahneman. Tough to read for me but learning so many things about how our brain operates that we don't realize.

  5. Cognitive biases
    – systematic errors in thinking
    – mental shortcuts to making decisions
    – information filter

    1. Self serving bias – people protect their ego and self esteem
    2. FOMO – fear of missing out, making people scared they're being left out
    3. Gambler's fallacy-

  6. The first ideas we get can very possibly be less-than-optimal solutions because of the Einstellung effect… when our mind picks up solutions from past similar problems…ignoring the possibility of better solutions. That's why the advice "think it over" when bigger things are at stake.

  7. Easier to pick out the bias' in other people, than yourself. Hmmm, which bias did I just have? Will watch again. Thanks for the post.

  8. Excercise should be in moderation.
    There should be balance between resting and excercising .
    Work-life balance is important for sustainable development…

  9. Hey! From where do you do your research from ?? Example I never knew what cognitive biases were ?? Did you read them in a book?? And do these ideas just randomly pop into the creative mind or do you spend particular hours solely to think about video ideas??
    btw Keep Up the Good work! I have subscribed ! 🙂

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