Dr. Woo-kyoung Ahn, psychology professor at Yale and author of Thinking 101, shares insights on thinking errors and practical tools to improve decision making. Topics include job interview biases, procrastination, and avoiding confirmation bias at restaurants. They also discuss framing effects on depression studies, loss aversion in sales, and the importance of nurturing dispositions for better decision making.
Confirmation bias hinders decision making and perpetuates narrow thinking, requiring openness to different viewpoints and intellectual humility to overcome.
The fluency effect and planning fallacy biases can lead to poor decision making by underestimating time and effort required, recognizing these biases can help people make more realistic plans.
Temporal discounting bias leads to impulsive decision making and neglecting long-term goals, overcoming it requires conscious consideration and prioritization of delayed gratification.
Deep dives
Overcoming Confirmation Bias: The Challenges and Risks
Confirmation bias is a common cognitive bias that everyone experiences, making it difficult to overcome. People tend to seek out information that confirms their existing beliefs, making them resistant to new perspectives or contradictory evidence. This bias can hinder decision making and perpetuate narrow thinking. Overcoming confirmation bias requires openness to different viewpoints and a willingness to challenge one's own beliefs. It is important to recognize that confirmation bias affects everyone, and developing intellectual humility can help mitigate its effects.
The Fluency Effect and Planning Fallacy: Understanding Misjudgments
The fluency effect refers to the tendency to perceive things that appear easy or fluent as being simple and easy to accomplish. This bias can lead to misjudgments, such as underestimating the time or effort required for a task. The planning fallacy is closely related, where people tend to be overly optimistic about how long it will take to complete a project. These biases can lead to poor decision making, as people often underestimate the challenges and obstacles they may encounter. Recognizing these biases can help individuals make more realistic plans and better allocate their time and resources.
Confirmation Bias: The Tendency to Confirm Existing Beliefs
Confirmation bias is a well-known cognitive bias where individuals seek out information that supports their preexisting beliefs and ignore or discount information that contradicts them. This bias can lead to narrow thinking, distortion of reality, and a limited understanding of complex issues. Recognizing and overcoming confirmation bias is important for making informed decisions and fostering intellectual growth. By actively seeking out diverse perspectives, challenging our own beliefs, and being open to new information, individuals can mitigate the effects of confirmation bias and make more objective judgments.
The Impact of Temporal Discounting on Decision Making
Temporal discounting is a cognitive bias that leads individuals to give more value to immediate rewards or outcomes and undervalue future rewards or outcomes. This bias can lead to impulsive decision making, neglect of long-term goals, and difficulty in delaying gratification. Overcoming temporal discounting requires individuals to consciously consider the long-term consequences of their actions and make decisions that align with their future goals and values. Developing the ability to resist immediate rewards and prioritize delayed gratification can lead to more favorable outcomes and better decision making.
Recognizing the Importance of Intellectual Humility
Intellectual humility is the recognition that we don't know everything and that we are open to changing our beliefs and opinions in the face of new evidence or perspectives. This disposition is crucial for effective decision making as it allows individuals to consider different viewpoints, engage in reasoned debate, and admit when they are wrong. Intellectual humility fosters intellectual growth, collaboration, and a willingness to learn from others. Embracing intellectual humility can lead to better decision making and a more inclusive and respectful society.
Why do projects often take so much longer than expected? Join us in conversation with Dr. Woo-kyoung Ahn, Professor of Psychology at Yale and the author of Thinking 101: How to Reason Better to Live Better, to explore the thinking errors we make every day and discover powerful tools to mitigate them. Together, we delve into the reasons why job interviews can be misleading, why we tend to procrastinate, and more. Woo-kyoung offers valuable insights on how to improve our thinking, giving us practical ideas that we can apply in our daily lives, including some fun tips on how to make sure confirmation bias isn’t on the menu the next time we visit a restaurant.
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