Parent Post
Decision-making mistakes are built
Decision-making mistakes are built into our brains. Humans have evolved to rely on certain thought patterns that just don’t always serve us today.
Here are some of the most common mistakes people make when they’re thinking through decisions.
Anchoring biasWhen we’re evaluating
Anchoring bias
When we’re evaluating an option, we often fixate on the first piece of information we have about it.
So research.
When you go to buy something, decide in advance how much you’d be willing to spend.
The sunk cost fallacySunk
The sunk cost fallacy
Sunk costs are money, time, or effort we’ve already spent and can’t get back.
The sunk cost fallacy is when we make decisions in order to make our sunk costs feel worth it.
For example, you might sit through the movie even if you don’t enjoy it. The rational thing to do would be to leave once you’re not enjoying yourself.
Confirmation biasIf you already
Confirmation bias
If you already have an opinion about something, you’ll over-value information that confirms that opinion.
Be aware of the confirmation trap and think about what kinds of information you would expect to find to support alternative outcomes.
Attribution biasAttribution bias, or
Attribution bias
Attribution bias, or the “fundamental attribution error,” is when we excuse our own mistakes but blame other people for theirs.
To combat this, give other people the chance to explain themselves before judging their behavior.
