Human Nature Vs. Money: Battling Irrationality & Thinking Traps [#2 Cognitive Biases]
Manipulation tactics that work - Irrational behaviours that don't - Prediction Fallacies we fall for.
In this episode, we dive further into our series on cognitive biases and how they cloud our judgment.
Studying applied psychology we can learn how we get manipulated by companies and start to protect ourselves from our own irrationality.
Take homes:
- How to protect ourselves against pricing tactics
- Reduce irrational decisions
- Build awareness of the truth
- Reduce unpleasant surprises
- Make better investments
Further reading:
- Thinking Fast and Slow - Daniel Kahneman - UK Book - US Book
- Predictably Irrational - Dan Ariely - UK Book - US Book
Further Listening
Enjoyed this episode? Check out the rest of the Cognitive Ciases series:
- Ego Blindspots: 9 Cognitive Biases to Avoid - [May 7th]
- [YOU ARE HERE] - Human Nature vs. Money
- Confirmation Bias and the 7 Sins of Lazy Thinking - [June 4th]
- Reality Distortion and the 7 Illusions of Perception Impact Everyone - [June 18th]
- Cognitive Rigidity and How Einstein Overcame the 5 Biases that Keep Us Stuck - [June 19th]
- Thinking Fast and Slow: How to Make Better Decisions - [July 12th]
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Discussed links
Growth Mindset pod
Sam Webster Harris explores the psychology of happiness, satisfaction, purpose, and growth through the lens of self-improvement.
Success and happiness is a state of mind unique to ourselves and is our responsibility to create.
- Watch the pod - YouTube (Growth Mindset)
- Mail - GrowthMindsetPodcast(at)gmail.com
- Insta - SamJam.zen
Chapters
00:00 SECTION - Framing effects
00:01 #1 Anchoring Bias
02:54 The Opposite Strategy
04:59 #2 Framing Effect
08:06 #3 Decoy Effect
10:45 SECTION - Irrational
10:47 #4 Gambler's Fallacy
16:45 #5 Sunk Cost Fallacy
19:21 SECTION - Bad Prediction Flaws
19:55 #6 Overconfidence Bias
21:30 #7 Information Bias
25:34 Send Off
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