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TIP571: Charlie Munger & The Psychology of Human Misjudgment
We Study Billionaires - The Investor’s Podcast Network
Human Biases and Influences on Decision Making
Human decision making is influenced by biases such as bias from mere association, underestimating the power of rewards and punishments, self-serving bias, bias from anchoring, bias from over-influence by social proof, and more. These biases are rooted in our hardwiring and life experiences, leading to varying susceptibility among individuals. For example, bias from mere association influences us to feel pleasure or pain based on past experiences or inherent preferences, leading us to move towards pleasure and away from pain. An example of this is when a supplier treats a customer to a good meal, creating a positive association that influences the customer's future purchasing decisions.
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