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The Daily Decision-25-Zeigarnik effect

The Daily Decision-25-Zeigarnik effect

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The Daily Decision-24-Framing effect

The Daily Decision-24-Framing effect

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The Daily Decision-23-Pessimism bias

The Daily Decision-23-Pessimism bias

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The Daily Decision-22-Overconfidence effect

The Daily Decision-22-Overconfidence effect

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The Daily Decision-20-Impact bias

The Daily Decision-20-Impact bias

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The Daily Decision-19-Empathy gap

The Daily Decision-19-Empathy gap

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The Daily Decision-18-Courtesy bias

The Daily Decision-18-Courtesy bias

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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.

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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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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.

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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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The Daily Decision-14-Availability bias

The Daily Decision-14-Availability bias

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

because you want to make better decisions.

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DD-14 Daily Decision by Dr. Z Podcasts
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Today is the FOURTEETH episode of The Daily Decision

Cars or planes? Roofers or Border Patrol agents? Cows or Sharks?

Of these pairs which one is more deadly?

Most people would say flying is more dangerous than driving, being a Border Patrol agent is more dangerous than being a roofer, and sharks are more deadly than cows.

In each case, those answers are incorrect and point out The Availability Bias.

Which is the tendency to overestimate the likelihood of events with greater “availability” in memory

If a memory is recent, unusual, or emotional, it is likely to be more available and more usable to make decisions

Available doesn’t mean accurate however so the next time you hear of a major event on the news, pause to avoid falling into the availability          bias trap.

Ask yourself, just because it’s easier to remember something, does it make it more true?

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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