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.
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.
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As always, Happy Deciding.
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