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The Daily Decision-13-Anchoring bias

The Daily Decision-13-Anchoring bias

Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision

because you want to make better decisions.

M4A

MP3

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Today is the THIRTEENTH episode of The Daily Decision

Think of a boat and an anchor. A boat docks close the shore and drops its anchor so it cannot be blown away by the wind.

A psychological anchor is similar. When we believe a piece of information, it is hard to have winds blow us away from that position.

An anchoring bias occurs when we rely too much on one piece of information, usually the first piece of information presented.

In one famous study by Amos Tversky and Daniel Kahneman in 1974, people were asked to estimate how many African countries were part of the United Nations.

There are currently 193.

  • When presented with the number 10, the guesses were lower. Participants estimated that African countries represented 25% of all UN countries.
  • When presented with the number 65, the guesses were higher. Participants estimated that African countries represented 45% of all UN countries.

Think about your own anchors while making a big purchase, say a car or home.

Be aware of how the first number you hear can anchor your decisions, but not always in your favor.

Subscribe to Dr. Z Podcasts to follow other programs such as the People Behind the PhDs, Organ Oracles, and Leaders on the Line. All podcasts are based on my upcoming book. The 6A’s a practical philosophy for living life with meaning and purpose.

 Follow me at DR-Z.net, iTunes, and Facebook at DRZPodcasts.

If you have an idea for a podcast, contact me and maybe we can find a way to create your own podcast produced by me, Dr. Z

 As always, Happy Deciding.

 

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The Daily Decision-12-Confirmation Bias

The Daily Decision-12-Confirmation Bias

Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision

because you want to make better decisions.

M4A

MP3

DD-12 Daily Decision by Dr. Z Podcasts
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https://dr-z.net/category/dr-z-podcasts/daily-decision/

 

Today is the TWELEVTH episode of The Daily Decision

In the TENTH episode, we began discussing biases that can be divided into 3 types:

decision making biases, social biases, and memory biases

Today we will talk about the “Mother of All Biases.”

Confirmation Bias.

Simply put, Confirmation Bias is the tendency to look, find, and interpret information that confirms an already held belief.

It is the mother of all biases because of its circular nature. It hides inside the starting point of our decisions.

For example, if you believe that left-handed people are more creative than right-handed people, then every time you meet a left-handed person you will unconsciously look for “evidence” to support your existing belief.

In other words, people see what they want to see.

You can use confirmation biases in positive and negative ways. You can look at your students as brilliant or see your employees as underperforming. In both cases, your brain will seek out evidence to support your belief.

Always be woke when it comes to confirmation biases.

Subscribe to Dr. Z Podcasts to follow other programs such as the People Behind the PhDs, Organ Oracles, and Leaders on the Line. All podcasts are based on my upcoming book. The 6A’s a practical philosophy for living life with meaning and purpose.

 Follow me at DR-Z.net, iTunes, and Facebook at DRZPodcasts.

If you have an idea for a podcast, contact me and maybe we can find a way to create your own podcast produced by me, Dr. Z

 As always, Happy Deciding.

 

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The Daily Decision-11-Shortcuts, Heuristics

The Daily Decision-11-Shortcuts, Heuristics

Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision

because you want to make better decisions.

M4A

MP3

DD-11 Daily Decision by Dr. Z Podcasts
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https://dr-z.net/category/dr-z-podcasts/daily-decision/

 

Today is the ELEVENTH episode of The Daily Decision

In the last episode, we talked about biases and that knowing about them helps us recognize blind spots, avoid traps, and make better decisions.

Today the topic is “heuristics.”

What’s that?

Heuristics are mental shortcuts to make decisions. They may work much of the time, but they don’t work all of the time.

Heuristics comes from ancient Greek which means “to find” or to “discover.”

A rule of thumb or educated guess are examples of using a heuristic to make a quick decision that has the practical effect of solving a problem quickly but may not solve a problem for a longer duration.

An example rule of thumb is that 20% of the input creates 80% of the result.

While this observation may be useful, over relying on this heuristic can limit your best decisions.

What heuristics do you use in your own life? How far do they take you?

Subscribe to Dr. Z Podcasts to follow other programs such as the People Behind the PhDs, Organ Oracles, and Leaders on the Line. All podcasts are based on my upcoming book. The 6A’s a practical philosophy for living life with meaning and purpose.

 Follow me at DR-Z.net, iTunes, and Facebook at DRZPodcasts.

If you have an idea for a podcast, contact me and maybe we can find a way to create your own podcast produced by me, Dr. Z

 As always, Happy Deciding.

 

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The Daily Decision-10-Biases, Cognitive Biases

The Daily Decision-10-Biases, Cognitive Biases

Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision

because you want to make better decisions.

M4A

MP3

DD-10 Daily Decision by Dr. Z Podcasts
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https://dr-z.net/category/dr-z-podcasts/daily-decision/

 

Today is the TENTH episode of The Daily Decision

 —

In the last couple of episodes, we have learned three ways to think about decision making: normative (the optimal), descriptive (the actual), and prescriptive (the ever improving)

But sometimes talking theories is like pretending that when we drive there is no traffic.

The same is true in decision making. We can pretend we make perfect decisions, but the traffic that interferes from going from point A to point B are often biases.

Biases are prejudices for or against a thing, idea, person, or group.

In decision making the term “cognitive bias” is often used which is defined as an error in thinking when we process and interpret information.

We have powerful brains, but we are subject to limitations. There are over 200 identified biases.

One bias is called the confirmation bias which is the tendency to interpret new evidence as confirmation of one’s existing beliefs or theories.

The best way to make better decisions is to recognize your biases and accept them, then learn from them. Let your limitations become your strengths.

Subscribe to Dr. Z Podcasts to follow other programs such as the People Behind the PhDs, Organ Oracles, and Leaders on the Line. All podcasts are based on my upcoming book. The 6A’s a practical philosophy for living life with meaning and purpose.

 Follow me at DR-Z.net, iTunes, and Facebook at DRZPodcasts.

If you have an idea for a podcast, contact me and maybe we can find a way to create your own podcast produced by me, Dr. Z

 As always, Happy Deciding.

 

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The Daily Decision-09-Prescriptive Decision Making

The Daily Decision-09-Prescriptive Decision Making

Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision

because you want to make better decisions.

M4A

MP3

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Today is the ninth episode of The Daily Decision

In the last episode, we learned that descriptive descriptive making theories catalog actual decisions and tendencies towards either productive or nonproductive decisions.

Are we stuck with our bad decisions?

Prescriptive decision-making theories act like the bridge between normative (perfect) decisions and descriptive (actual) decisions.

If we have information about what could have been the best decision in a certain circumstance, we can use it for the next time we are in a similar situation.

Think of baseball players. Batters can make mistakes when reading a pitch. But with more information and examining and comparing the perfect decision that would lead to a hit versus the actual decision that led to a strike out, batters can improve their odds or improving their decisions … next time.

 As always, Happy Deciding.

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The Daily Decision-08-Descriptive Decision Making

The Daily Decision-08-Descriptive Decision Making

Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision

because you want to make better decisions.

M4A

MP3

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Today is the eighth episode of The Daily Decision

In the last episode, we learned that normative descriptive making theories assume that a perfect person can make perfect decisions.

But reality is different.

Which is why we have Descriptive Decision-Making Theories

That capture actual decisions people make and the types of decisions, right or wrong, that people tend to make.

For example, why do people in their dating preferences often choose people who counter their best instincts even when they know the better decisions?

Why do people use harmful drugs (legal and illegal) even when  they know they are harmful?

If we can’t be perfect decision makers, can we at least improve our decision making?

As always, Happy Deciding.

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The Daily Decision-07-Normative Decision Making

The Daily Decision-07-Normative Decision Making

Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision

because you want to make better decisions.

M4A

MP3

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Today is the seventh episode of The Daily Decision

In the last episode, we learned that theories help explain phenomenon and they can be tested.

We learned that decision making has three theories

  1. Normative
  2. Descriptive
  3. Prescriptive

Normative decision making assumes that a person is perfectly rational and a person who is able to measure with perfect accuracy any decision.

This assumes that a person has the time, money, energy, and mental faculties (think sleep) to make a perfect decision.

If you’re asking yourself why have such a theory if it’s impossible to make a perfect decision, it’s because by theorizing a perfect decision, we can begin to compare them to actual decisions.

As always, Happy Deciding.

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The Daily Decision-06-Decision Making Theories

The Daily Decision-06-Decision Making Theories

Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision

because you want to make better decisions.

M4A

MP3

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Today is the sixth episode of The Daily Decision

A theory is like a story. It helps think through a complex set of events in a coherent manner.

A theory is an explanation for phenomena (the singular in phenomenon). And theories must be tested. For example,

her teaching method is based on the theory that all children want to learn

 Within decision making there are three theories or ways to think about decision making

  1. Normative
  2. Descriptive
  3. Prescriptive

Normative is like “normal” but in this case normative is the best decision possible given all the time, money, and energy in the world.

Descriptive like it sounds describes all decisions, good and bad.

Prescriptive, like getting a prescription, is the idea that you can improve your decision making with intervention.

As always, Happy Deciding.

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The Daily Decision-05-Decision Making Potpourri

The Daily Decision-05-Decision Making Potpourri

Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision

because you want to make better decisions.

M4A

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Today is the fifth episode of The Daily Decision

Academically just like life decision making is a blend of many disciplines.

Decision making draws from the fields of economics, behavioral economics, psychology, cognitive science, philosophy, law, political science, medicine, public policy, consumer behavior, and business.

It is a virtual potpourri, BIB-im-BAP, stone soup,

In each field, researchers examine either psychological, behavioral, or social conditions under which decisions are made.

For example, if we have a deadline there is a psychological pressure to make a decision. When we walk into our favorite grocery store, we often follow the same path around the store to look for our items. When we work with others we may exhibit more or less cooperative behavior depending on the situation.

As always, Happy Deciding.

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The Daily Decision-04-Decision Making Styles

The Daily Decision-04-Decision Making Styles

Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision

because you want to make better decisions.

M4A

MP3

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Today is the fourth episode of The Daily Decision

Like fashion, it is helpful to think of styles when it comes to learning and decision making.

How people learn and

How people make decisions

can differ

Learning styles include:

  1. Visual
  2. Auditory
  3. Reading
  4. Kinesthetic

Decision making styles include:

  1. Directive
  2. Analytical
  3. Conceptual
  4. Behavioral

Styles are tendencies. Just as you may never get caught outside without wearing heels or wing-tipped shoes, you do wear pajamas.

Just because you tend want structure in your life as a directive decision making, you may be very attuned to making sure that people get along in group situations, appreciate analyzing data, and being creative in your problem solving.

As always, Happy Deciding.

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