How Cognitive Biases Cause us to Overspend with Amanda Montell
Frugal Friends Podcast
Unraveling Cognitive Biases and Decision-Making
The chapter explores the concept of cognitive biases and their impact on decision-making, utilizing examples from personal experiences to illustrate biases like the sunk cost fallacy and confirmation bias. The speaker emphasizes the need to understand these mental shortcuts in order to enhance decision-making in various aspects of life, drawing parallels to overspending, relationships, and societal biases. By sharing vulnerable stories and research findings, the chapter serves as a insightful exploration into recognizing and overcoming cognitive biases.
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