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Wednesday Wisdoms 16

Photo by Austin Magruder from Winter Street Studios, fb.com/aus10m Dr. Z Podcasts

Each conversation is like clay.  It’s hard but it can be molded: some some need water, some need kneading, some need pounding. All need to care to craft a temporal work of art. ~ Dr. Z

 

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The Daily Decision-20-Impact bias

The Daily Decision-20-Impact bias

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

because you want to make better decisions.

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Wednesday Wisdoms 15

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Hedges pass for revealed truths in world that wants to protect itself ~ Dr. Z

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The Daily Decision-19-Empathy gap

The Daily Decision-19-Empathy gap

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

because you want to make better decisions.

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Wednesday Wisdoms 14

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Patience is an unavoidably developed skill in life. ~ Dr. Z

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The Daily Decision-18-Courtesy bias

The Daily Decision-18-Courtesy bias

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

because you want to make better decisions.

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Wednesday Wisdoms 13

Photo by Austin Magruder from Winter Street Studios, fb.com/aus10m Dr. Z Podcasts

If we always share the glitter, we never see the ball behind it. ~ Dr. Z Podcasts

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The Daily Decision-17-Gambler’s fallacy … Do you have a hot hand? The chances are low.

The Daily Decision-17-Gambler’s fallacy

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

because you want to make better decisions.

M4A

MP3

DD-17 Daily Decision by Dr. Z Podcasts
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https://dr-z.net/category/dr-z-podcasts/daily-decision/

Today is the SEVENTEENTH episode of The Daily Decision

I’ve got a hot hand,  You’re Due for a Win, One Time

Likely you’ve heard this expression and others before that refer to someone who is gambling.

What is the evidence for the hot hand phenomenon? The odds are low.

The Gambler’s Fallacy is the is the belief that, if something happens more frequently than normal during a given period, it will happen less frequently in the future (or vice versa).

In other words, if you’re playing cards and you haven’t seen a 10-card for a long time, you believe that the card is “due” to turn up.

This is incorrect because each event is independent of events that proceed it and come after it.

Take a coin. If you flip it, there is a 50/50 chance that the coin will show heads up or tails up. Every time the chances are the same. The Gambler’s Fallacy is believing that if someone has flipped 7 consecutive heads a tail must come up soon.

Why are we so prone to fall for this erroneous thinking?

It’s because we conceptualize law of large numbers in a way that leads us to believe that the law of 50/50 is adjustable over time when, in terms of a coin, it never is. In your daily life, try to see and assess events independently before grouping them together erroneously.

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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Wednesday Wisdoms 12

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We swim in technology so it’s hard to capture molecules. ~ Dr. Z

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The Daily Decision-16-Endowment effect … How much does something cost? Depends on who owns it

The Daily Decision-16-Endowment effect

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

because you want to make better decisions.

M4A

MP3

DD-16 Daily Decision by Dr. Z Podcasts
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https://dr-z.net/category/dr-z-podcasts/daily-decision/

 

Today is the SIXTEENTH episode of The Daily Decision

 How much is a basic coffee mug worth?

It depends.

  • If you want it, not very much.
  • If you have it, very much.

That’s the result of findings from Kahneman, Knetsch & Thaler (1991).

Participants were either owners or buyers. If they simply sat down next to the mug, they suddenly valued the mug at $7.12 on average. If they were asked to act as buyers, they valued the mug at $2.87.

What explains the difference?

The endowment effect. That is people like and value the things they own (or perceive to own) higher than things that they could own.

The next time you try to bargain for something on eBay, remember that owners and buyers value the same item differently.

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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