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Has been shown to affect various important economic decisions, for example, a choice of car insurance or electrical service. [33] Overconfidence effect: Tendency to overly trust one's own capability to make correct decisions. People tended to overrate their abilities and skills as decision makers. [34] See also the Dunning–Kruger effect.
The post Why Smart People Make Bad Decisions—And Why It’s Hard to Learn From Our Mistakes appeared first on Worth. The more we do anything, we alter our brains to become better at it.
After experiencing a bad outcome with a decision problem, the tendency to avoid the choice previously made when faced with the same decision problem again, even though the choice was optimal. Also known as "once bitten, twice shy" or "hot stove effect". [106] Mere exposure effect or familiarity principle (in social psychology)
Mistakes Were Made (but Not by Me) is a 2007 non-fiction book by social psychologists Carol Tavris and Elliot Aronson.It deals with cognitive dissonance, confirmation bias, and other cognitive biases, using these psychological theories to illustrate how the perpetrators (and victims) of hurtful acts justify and rationalize their behavior.
To understand all the consequences of an important choice takes time and attention -- even if both are hard to come by. I've written before about the importance of sleep. Tired brains lose their ...
In chapter 8, Ariely discusses how we overvalue what we have, and why we make irrational decisions about ownership. The idea of ownership makes us perceive the value of an object to be much higher if we own the object. This illustrates the phenomenon of the endowment effect—placing a higher value on property once possession has been assigned.
Once an action has been taken, the ways in which we evaluate the effectiveness of what we did may be biased. [3] It is believed this may influence our future decision-making. These biases may be stored as memories, which are attributions that we make about our mental experiences based on their subjective qualities, our prior knowledge and ...
One major claim of social psychology is that we experience cognitive dissonance every time we make a decision; in an attempt to alleviate this, we then submit to a largely unconscious reduction of dissonance by creating new motives of our decision-making that more positively reflect on our self-concept. This process of reducing cognitive ...