Every Psychological Traps in 20 Minutes | 2024
Summary
TLDRThis video script explores various psychological traps that can skew our decision-making and perceptions. It covers biases like the illusion of transparency, the empathy gap, and the anchoring effect, among others, offering insights on how to recognize and counteract these cognitive biases for improved judgment and smarter choices.
Takeaways
- 🔍 The Illusion of Transparency: We often think others can sense our internal states like nervousness, but they are usually less aware than we think.
- 🌀 The Empathy Gap: Our emotions can sway our decisions, and we might not realize it. Try to make choices when calm and consider others' opinions when emotional.
- 🦅 The Ostrich Effect: People tend to avoid bad news or problems, but regularly reviewing situations can prevent issues from escalating.
- 🎓 Survivorship Bias: Focusing only on successful outcomes can lead to incorrect assumptions. Consider failures to get a complete picture.
- 🔥 The Hot-Hand Fallacy: Recent success doesn't guarantee future wins; each event is independent.
- 🆚 The Contrast Effect: Comparisons can skew judgment; be aware of marketing tricks that use this to influence your choices.
- 📚 Chauffeur Knowledge: Appearing knowledgeable without true understanding is common. Seek deeper explanations to verify comprehension.
- 🎯 The Illusion of Averages: Averages can be misleading; consider the spread of scores or outcomes for a more accurate view.
- 🔑 The Curse of Specificity: Detailed information isn't always more convincing or relevant. Focus on key points to engage your audience.
- 🚪 Inability to Close Doors: Fear of missing out can lead to indecision. Focus on one thing at a time for better results.
- 💡 The Spotlight Effect: We often believe others notice our mistakes more than they do. Relax and be yourself, as most are focused on themselves.
- 🌟 The Halo Effect: One positive trait shouldn't cloud your judgment of a person's overall character or intentions.
- 🔄 Reciprocity: Feelings of obligation from a favor can influence decisions. Be aware of this to make choices based on genuine desire.
- 🎶 The Mere Exposure Effect: Repeated exposure can increase liking. Be mindful of how this shapes preferences in marketing.
- 🚀 Self-Serving Bias: Taking credit for success and blaming failures on external factors is common. Practice responsibility for all outcomes.
- 📌 The Anchoring Effect: Initial information can skew decisions. Make choices independently of the first offer or piece of information.
- 👎 Negativity Bias: Focusing more on negative events can distort perspective. Shift focus to positive events and practice gratitude.
- ❌ The Sunk Cost Fallacy: Continuing an activity due to past investment can be unwise. Base decisions on future benefits, not past costs.
- 🍽 The Paradox of Choice: Too many options can make decision-making difficult. Narrowing down choices can simplify the process.
- 📐 The Framing Effect: How information is presented can influence decisions. Consider different perspectives before deciding.
- 🤝 The Curse of Knowledge: Assuming others understand as you do can lead to confusion. Simplify explanations for clarity.
- 🌈 The Pygmalion Effect: High expectations can improve performance. Set high but realistic goals and believe in your ability to succeed.
- 🔄 The Consistency Principle: Sticking to what you've said or done before can help keep promises and follow through on plans.
- 📝 The Planning Fallacy: Underestimating task completion time is common. Consider past experiences and add extra time to estimates.
- 🔎 Confirmation Bias: Focusing only on information that supports existing beliefs can reinforce biases. Seek out opposing information for balance.
- 🚂 The Bandwagon Effect: Following others' actions without personal conviction can be misleading. Make decisions based on your own values.
- 📲 The Endowment Effect: Valuing possessions more because you own them can lead to holding onto unnecessary items. Evaluate from an outsider's perspective.
- 🏋️ Action Bias: Preferring action over inaction can sometimes be misguided. Recognize when patience and inaction are more beneficial.
- 🧐 The Dunning-Kruger Effect: Inability to recognize one's own lack of skill can hinder growth. Stay humble and seek feedback to improve.
- 🔁 The Baader-Meinhof Phenomenon: Noticing something new leads to seeing it everywhere. This is a cognitive bias and not an accurate reflection of reality.
- 💰 Loss Aversion: The preference for avoiding losses over acquiring equivalent gains can lead to excessive caution. Consider both outcomes when making choices.
- 🛠 The IKEA Effect: Valuing something more because you created it can be misleading. Seek honest feedback to avoid overvaluing your efforts.
- 🍿 The Decoy Effect: Introducing a third option can change preferences, making one option seem more attractive. Be aware of this in decision-making.
- 🚨 The Availability Heuristic: Relying on immediate examples can lead to overestimating their importance. Check facts and statistics before deciding.
- 📈 The Déro Effect: Acquiring a new item can lead to additional purchases. Be mindful of how one purchase can influence overall spending.
- 👥 The Bystander Effect: The presence of others can reduce the likelihood of helping in need. Take personal responsibility and act when necessary.
- 🎰 The Gambler's Fallacy: Believing past events affect future probabilities in random situations is a fallacy. Each event is independent.
- 👓 Hindsight Bias: Seeing events as predictable after they've happened can distort understanding. Be honest about what was known beforehand.
- 🌐 The Unity Principle: Favoring people in our group can bias decisions. Be aware of this and consider recommendations objectively.
- 🔄 Reactant Bias: The urge to do the opposite of what's told can be a bias. Focus on personal goals rather than reacting to comments.
- 📇 The Zeigarnik Effect: Remembering unfinished tasks better can be used to advantage by breaking tasks into smaller segments to stay motivated.
- ❓ The Ambiguity Effect: Avoiding choices with uncertain outcomes can limit experiences. Be aware of this bias and explore unknown options.
- 🏁 The End of History Illusion: Believing you won't change much in the future can hinder growth. Embrace change and stay open to new experiences.
Q & A
What is the 'illusion of transparency' and why does it occur?
-The 'illusion of transparency' is a cognitive bias where individuals overestimate how much others can understand their internal states, such as nervousness during a presentation. It happens because we are highly aware of our own emotions and often assume others can easily perceive them.
How can one counteract the 'empathy gap' when making decisions?
-To counteract the 'empathy gap', one should be aware that emotions like hunger, anger, or pain can influence decisions. Strategies such as making decisions when calm and neutral, or seeking others' opinions when emotional, can help avoid this bias.
What is the 'ostrich effect' and how can it be mitigated?
-The 'ostrich effect' describes the tendency to avoid bad news or uncomfortable situations, similar to an ostrich burying its head in the sand. To mitigate this, one should regularly review their financial status and deal with problems before they escalate.
Can you explain 'survivorship bias' and how to avoid making decisions based on it?
-'Survivorship bias' is the tendency to focus on successful outcomes while ignoring failures. To avoid this bias, consider both successful and unsuccessful cases, and gather data on those who didn't succeed to get a complete picture.
What is the 'hot-hand fallacy' and how does it influence decision-making?
-The 'hot-hand fallacy' is the belief that recent success indicates a higher likelihood of continued success. This can lead to irrational decisions based on the assumption of patterns in random events. Understanding probability and randomness can counteract this fallacy.
How does the 'contrast effect' influence our judgment and how can we be aware of it?
-The 'contrast effect' happens when our judgment is influenced by comparing something with another. For example, car salespeople might show a poor-quality car before presenting a better one to make it seem superior. Being aware of this effect can prevent being fooled by such marketing tactics.
What is 'chauffeur knowledge' and why is it important to challenge it?
-'Chauffeur knowledge' refers to the appearance of knowledge without true understanding, similar to a parrot repeating phrases. Challenging this by asking deeper questions and seeking explanations can reveal a person's true level of comprehension.
Why is it a mistake to rely solely on 'averages' when making decisions?
-Relying solely on 'averages' can be misleading because they may not accurately represent the experiences of individuals within a group. It's important to consider the spread of scores or outcomes to understand the full picture.
What is 'the curse of specificity' and how can it lead to ineffective communication?
-'The curse of specificity' is when detailed information seems more convincing even if it's not relevant. This can lead to information overload and ineffective communication. Focusing on key points and avoiding irrelevant details can help keep the audience engaged.
Why is it difficult to 'close doors' when making decisions and how can one overcome this?
-The difficulty in 'closing doors' is due to the fear of missing out on other opportunities. This can lead to a scattered focus and mediocre outcomes. To overcome this, one should focus on one thing at a time to improve quality and productivity.
What is 'the spotlight effect' and how can it be managed?
-'The spotlight effect' is the belief that others notice our appearance or mistakes more than they actually do. Managing this by reminding oneself that most people are focused on themselves can help reduce anxiety and allow one to be more relaxed.
Can you describe 'the halo effect' and its potential pitfalls?
-'The halo effect' occurs when one positive trait influences the overall opinion of a person. This can lead to overlooking potential downsides due to a positive first impression. Evaluating situations and people on their own merits can prevent being misled by this effect.
What is 'reciprocity' and how can it influence consumer behavior?
-Reciprocity is the sense of obligation to return a favor, which can influence consumer behavior. For example, receiving a free sample might compel someone to buy a product. Being aware of this influence can help make decisions based on genuine desire rather than perceived obligation.
How does 'the mere exposure effect' shape our preferences and choices?
-The 'mere exposure effect' occurs when repeated exposure to something makes us like it more. This can shape our preferences and choices without us noticing. Being mindful of this bias and trying new experiences can counteract it.
What is 'self-serving bias' and how can it be avoided?
-'Self-serving bias' is when individuals take credit for success but blame external factors for failures. To avoid this, practicing taking responsibility for one's actions in both successes and failures can promote learning and improvement.
What is 'the anchoring effect' and how can it lead to overspending?
-'The anchoring effect' occurs when initial information influences decisions. For example, seeing a high-priced item first can make subsequent items seem like a bargain, leading to overspending. Looking at offers independently can counteract this effect.
Why is it important to be aware of 'negativity bias' and how can it be managed?
-'Negativity bias' is the tendency to focus more on negative events than positive ones. To manage this, shifting perspective to focus on positive events and practicing gratitude can help maintain a balanced view.
What is 'the sunk cost fallacy' and how can it hinder decision-making?
-The 'sunk cost fallacy' is continuing an activity or project due to past investments, rather than current benefits. This can hinder decision-making by preventing the abandonment of unproductive endeavors. Decisions should be based on potential future benefits, not past costs.
How does 'the paradox of choice' affect decision-making and what can be done to simplify it?
-'The paradox of choice' is the difficulty in making decisions when faced with too many options. Simplifying the decision-making process by narrowing down options or highlighting the best choice can make it easier to decide.
What is 'the framing effect' and how can it influence decisions?
-'The framing effect' occurs when decisions are influenced by how information is presented. For example, the same safety rating can sound better or worse depending on the wording. Considering information from different perspectives can help avoid this bias.
What is 'the curse of knowledge' and how can it lead to miscommunication?
-'The curse of knowledge' occurs when one assumes others have the same understanding, leading to confusion and miscommunication. Simplifying explanations and considering the audience's perspective can make communication clearer and more effective.
How does 'the Pygmalion effect' influence performance and what can be done to utilize it?
-'The Pygmalion effect' is when high expectations lead to better performance. Setting high but realistic goals and believing in one's ability to succeed can utilize this effect to achieve better results.
What is 'the consistency principle' and how can it help in following through on plans?
-'The consistency principle' is the desire to stick to what one has said or done before. Sharing goals with others can make one more likely to achieve them by adhering to this principle.
What is 'the planning fallacy' and how can it be avoided?
-'The planning fallacy' is underestimating how long a task will take. Avoiding this by considering past experiences, adding extra time to estimates, and breaking down tasks into smaller steps can ensure enough time to complete tasks without rushing.
What is 'confirmation bias' and how can one avoid reinforcing their own biases?
-'Confirmation bias' is focusing only on information that supports existing beliefs. To avoid this, one should seek out information that challenges their beliefs to achieve a balanced perspective.
What is 'the bandwagon effect' and how can one make decisions based on personal values?
-'The bandwagon effect' is following what others are doing. To make decisions based on personal values, one should consider whether they genuinely enjoy something or not.
Outlines
🔎 Cognitive Biases Overview
This paragraph introduces a range of cognitive biases that affect our decision-making processes. It discusses the illusion of transparency, where people assume others can easily discern their internal states, like nervousness during presentations. The empathy gap is highlighted, where emotions like hunger can skew decisions. The ostrich effect describes avoidance of bad news, while survivorship bias warns against focusing solely on successful outcomes, ignoring failures. The hot-hand fallacy is mentioned, where recent success is incorrectly assumed to predict future success. The contrast effect, chauffeur knowledge, and the illusion of averages are also touched upon, emphasizing the importance of looking beyond surface-level information for better decision-making.
🚪 The Curse of Specificity and Inability to Close Doors
The curse of specificity is examined, where detailed but irrelevant information can mislead. The inability to close doors is described as a struggle to make decisions due to fear of missing out, leading to scattered focus and mediocre outcomes. The spotlight effect and the halo effect are covered, illustrating how people often overestimate the attention others pay to them or are influenced by a single positive trait. Reciprocity and the mere exposure effect are also discussed, showing how small obligations or repeated exposure can influence preferences. The self-serving bias and anchoring effect are highlighted, demonstrating how initial information can skew judgments.
🌧️ Negativity Bias and Sunk Cost Fallacy
This section delves into the negativity bias, where negative events are given more weight than positive ones, and the sunk cost fallacy, where past investments lead to continued engagement in unbeneficial activities. The paradox of choice is introduced, explaining decision-making difficulties with an overabundance of options. The framing effect is discussed, showing how information presentation can influence decisions. The curse of knowledge is touched upon, cautioning against assuming shared understanding levels, while the Pygmalion effect and consistency principle are mentioned, emphasizing the power of expectations and the desire to maintain past commitments.
🎲 Cognitive Biases in Social and Economic Contexts
The paragraph explores various cognitive biases in social and economic contexts. It starts with the planning fallacy, where task duration is underestimated, and moves to confirmation bias, which involves focusing on information that aligns with existing beliefs. The bandwagon effect, endowment effect, and action bias are discussed, showing how social influence, ownership, and the preference for action over inaction can affect choices. The Dunning-Kruger effect and the Baader-Meinhof phenomenon are also covered, illustrating overconfidence in one's abilities and the illusion of increased frequency of newly noticed things.
💡 Avoiding Cognitive Biases for Better Decisions
The final paragraph emphasizes the importance of recognizing and avoiding cognitive biases for improved decision-making. It mentions loss aversion, the Ikea effect, decoy effect, availability heuristic, and the dero effect, all of which can lead to suboptimal choices if not accounted for. The bystander effect, gambler's fallacy, hindsight bias, unity principle, reactant bias, and the Zeigarnik effect are also discussed, providing insights into how social context and psychological tendencies can shape our behavior. The ambiguity effect and the end of history illusion conclude the discussion, urging viewers to remain open to change and new experiences.
Mindmap
Keywords
💡Transparency
💡Empathy Gap
💡Ostrich Effect
💡Survivorship Bias
💡Hot-Hand Fallacy
💡Contrast Effect
💡Chauffeur Knowledge
💡Illusion of Averages
💡Curse of Specificity
💡Inability to Close Doors
💡Spotlight Effect
Highlights
The Illusion of Transparency: Overestimating others' ability to perceive our internal states.
Counteracting the Illusion of Transparency with self-compassion and understanding others' focus on their own thoughts.
The Empathy Gap: Unrecognized influence of emotions on decision-making.
Avoiding the Empathy Gap by making calm and neutral decisions.
The Ostrich Effect: Avoidance of bad news leading to inaction.
Overcoming the Ostrich Effect through regular review of financial status.
Survivorship Bias: Focusing on successful outcomes while ignoring failures.
Considering both successes and failures to avoid Survivorship Bias.
The Hot-Hand Fallacy: Belief in the continuation of success based on recent wins.
Understanding probability and randomness to counter the Hot-Hand Fallacy.
The Contrast Effect: Influence of comparisons on judgment.
Being aware of the Contrast Effect in marketing to avoid being misled.
Chauffeur Knowledge: Appearing knowledgeable without true understanding.
Avoiding Chauffeur Knowledge by asking deeper questions and seeking explanations.
The Illusion of Averages: Misinterpretation of average figures representing individual experiences.
Looking beyond averages to understand the true performance spread.
The Curse of Specificity: Overemphasis on detailed information that may not be relevant.
Focusing on key points to avoid the Curse of Specificity.
Inability to Close Doors: Difficulty in making decisions due to fear of missing out.
Concentrating on one task at a time to improve quality and avoid burnout.
The Spotlight Effect: Overestimating others' attention to our appearance or mistakes.
Relaxing and being oneself to counter the Spotlight Effect.
The Halo Effect: Influence of one positive trait on overall opinion of a person.
Evaluating people on their own merits to avoid the Halo Effect.
Reciprocity: Sense of obligation to return a favor influencing decisions.
Being aware of reciprocity to avoid being swayed by perceived obligations.
The Mere Exposure Effect: Increased liking due to repeated exposure.
Being mindful of the Mere Exposure Effect in decision-making.
Self-Serving Bias: Taking credit for success and blaming external factors for failures.
Practicing responsibility for actions in both successes and failures to counter Self-Serving Bias.
The Anchoring Effect: Influence of initial information on subsequent decisions.
Avoiding the Anchoring Effect by considering offers independently.
Negativity Bias: Focusing more on negative events than positive ones.
Shifting perspective to focus on positive events to counter Negativity Bias.
The Sunk Cost Fallacy: Continuing an activity due to past investments.
Making decisions based on future benefits rather than past costs to avoid the Sunk Cost Fallacy.
The Paradox of Choice: Difficulty in making decisions with too many options.
Narrowing down options to simplify decision-making.
The Framing Effect: Influence of information presentation on decisions.
Considering information from different perspectives to counter the Framing Effect.
The Curse of Knowledge: Assuming others have the same understanding level leading to confusion.
Simplifying explanations to avoid the Curse of Knowledge.
The Pygmalion Effect: High expectations leading to better performance.
Setting high but realistic goals and believing in success to utilize the Pygmalion Effect.
The Consistency Principle: Desire to stick to previous commitments.
Sharing goals with others to increase likelihood of achieving them through the Consistency Principle.
The Planning Fallacy: Underestimating task completion time.
Avoiding the Planning Fallacy by considering past experiences and breaking tasks into smaller steps.
Confirmation Bias: Focusing on information that supports existing beliefs.
Seeking out information that opposes beliefs to avoid Confirmation Bias.
The Bandwagon Effect: Following what others are doing.
Making decisions based on personal values to counter the Bandwagon Effect.
The Endowment Effect: Valuing possessions more because of ownership.
Evaluating possessions objectively to avoid the Endowment Effect.
Transcripts
the illusion of
transparency the illusion of
transparency is when you overestimate
how much others can gauge your internal
States for example thinking people can
tell how nervous you are during a
presentation this happens because we are
highly aware of our own emotions and
often assume others can pick up on them
easily to counter this remind yourself
that others are less aware of your
internal struggles than you think
practice self-compassion and realize
that people are generally focused on
their own thoughts thought and feelings
rather than scrutinizing
yours the empathy Gap the empathy Gap
happens when you don't realize how your
emotions like hunger anger or pain
affect your decisions for example if you
go grocery shopping while you're hungry
you might buy more than you need to
avoid this notice when your feelings
might be influencing your choices try to
make decisions when you're calm and
neutral use strategies like taking a
moment to think before deciding or
asking someone else for their opinion
when you're feeling
emotional the ostrich effect the ostrich
effect is a term used to describe how
people avoid bad news it's like saying
they bury their heads in the sand like
an ostrich hoping their problems will go
away this means people might ignore or
avoid dealing with problems or
uncomfortable situations to feel less
anxious or stressed for example avoiding
checking your bank account statement
because you fear the high balance to
counter this make it a The Habit to
review your financial status regularly
so you can deal with these things before
they
snowball survivorship bias survivorship
bias is focusing on successful outcomes
and ignoring the failures imagine you're
looking at a group of successful
entrepreneurs you notice that many of
them dropped out of college you might
think dropping out of college is the key
to becoming successful however you're
only looking at the successful ones who
dropped out you're not considering the
many others who dropped out and didn't
become successful always consider what
you're not seeing ask what about those
who didn't make it this avoids decisions
based on incomplete info whether
studying businesses athletes or any
group get data on those who didn't
succeed as well look into both successes
and failures to get a complete
picture the hotand
fallacy the hotand fallacy is when you
believe that someone who has been
successful recently is more likely to
keep succeeding
for example thinking that A salesperson
who has closed several deals in a row
will definitely close the next one this
belief comes from our tendency to see
patterns in random events each event is
independent and not necessarily
influenced by past successes
understanding probability and Randomness
can help us make more rational
decisions the contrast effect the
contrast effect occurs when your
judgment is influenced by comparing
something with something else ever
notice how car salespeople show you a
clunker before presenting the amazing
new car they want to sell it's a trick
they're using the contrast effect to
make the new car look even better be
aware of this in marketing so you don't
get fooled When comparing
products chauffeur knowledge chauffeur
knowledge refers to someone appearing
knowledgeable without truly
understanding much like a parrot
repeating phrases for example consider a
person who uses fancy words but doesn't
really understand what they're talking
about don't be afraid to ask deeper
questions and seek explanations to see
if they're actually understanding what
they're
saying illusion of
averages the illusion of averages is the
mistaken belief that average figures
accurately represent the experiences of
individuals within a group for example
suppose you hear that the average test
score in a class is 85% you might assume
that most students scored around
85% however this average could be
affected by a few students who scored
very high and several who scored much
lower the average score doesn't reflect
the True Performance spread of the
students always look beyond the averages
think about the different scores how
they're spread out and other numbers to
see the whole picture this will help you
make better and more accurate
decisions the curse of
specificity the curse of specificity is
when detailed information seems more
convincing even if it's not relevant
sometimes a simple explanation is best
imagine a friend trying to convince you
of a movie by describing every single
scene information overload focus on the
key points to keep your audience engaged
and avoid getting bogged down in
irrelevant
details inability to close
doors the inability to close doors is
the struggle to make decisions due to
the fear of missing out on other
opportunities it's like keeping all the
doors open instead of closing some for
example picture yourself working on
three business ideas simultaneously you
know that focusing on just one would be
more productive but you don't want to
miss out on the progress of the other
two this might leave you scattered and
burnt out often leading to mediocre
outcomes or no progress at all focus on
one thing at a time and watch your
quality
improve the spotlight effect the
spotlight effect is the belief that
others notice your appearance or
mistakes more than they actually do
think of it this way
are you spending all day critiquing
other people's outfits probably not
remind yourself that most people are
usually more focused on themselves so
take a deep breath relax and enjoy being
yourself the halo effect the halo effect
is when one positive trait influences
your overall opinion of someone just
because someone is charming doesn't mean
they have good intentions or are
trustworthy we can be tricked by
positive first impression Impressions
into overlooking potential downsides
evaluate situations and people on their
own merits not first
impressions
reciprocity reciprocity is the sense of
obligation to return a favor when
someone does something for you for
example you might feel compelled to buy
a product after receiving a free sample
that free cookie at the store is a
tactic designed to get you browsing and
spending more be aware of when you're
being influenced by a perceived
obligation rather than genuine
desire the mere exposure effect the mere
exposure effect happens when seeing or
hearing something repeatedly makes you
like it more for example hearing a song
on the radio many times and eventually
liking it this effect can shape our
preferences and choices without us
noticing be mindful of the bias when
making decisions especially in marketing
and advertising to counteract it try new
experiences and seek out different
perspectives
Ives self-serving bias the self-serving
bias is when you take credit for success
but blame external factors for failures
for instance if you Ace an exam you
might attribute it to your hard work and
intelligence but if you do poorly you
might blame the teacher for making the
test too hard or the noisy room for
distracting you to avoid this bias
practice taking responsibility for your
own actions in both your successes and
failures this will help you learn and
get better
better the anchoring
effect the anchoring effect is when your
decisions are influenced by an initial
piece of information for example when
buying a dress if you first see a dress
priced at 500 you might think that a
$300 dress is a bargain even if it's
still expensive the initial $500 price
sets an anchor that makes other prices
seem more reasonable by comparison this
can lead you to spend more than you
originally intended always always look
at offers and decisions independently
not just in comparison to the first
option you
see negativity bias negativity bias is
the tendency to focus more on negative
events than positive ones for example
you might fixate on a single negative
comment even after receiving 100
positive ones to counter this shift your
perspective to focus on positive events
and practice
gratitude the sunk cost fallacy
the sunk cost fallacy is when you
continue an activity or project because
you've already invested time money or
effort into it rather than because it is
currently beneficial this is like
continuing to eat a terrible meal just
because you paid for it consider what
the best action is moving forward your
decisions should be based on potential
future benefits rather than past costs
the Paradox of choice the Paradox of
choice is the difficulty in making a
decision when faced with too many
options for example choosing a dish from
a menu with hundreds of items can be
overwhelming and make it hard to decide
what to eat narrow down your options and
those you offer to others for example if
you're selling three products
highlighting the bestselling one can
simplify the decision-making process and
boost the chances of making a
sale the framing effect the framing
effect occurs when your decision is
influenced by how information is
presented for example imagine a car
company advertises that their cars have
98% safety rating but now imagine they
say that two out of every 100 cars have
a safety failure both statements mean
the same thing but the second one sounds
much worse always consider information
from different perspectives before
making a
decision the curse of
knowledge the curse of knowledge occurs
when you assume that others have the
same level of understanding as you do
leading to confusion and
miscommunication this often happens when
using technical jargon or complex
concepts with someone unfamiliar with
the topic to avoid this simplify your
explanations and consider your
audience's perspective imagine you're
explaining it to a younger version of
yourself who is just starting to learn
by doing so you can make your
communication clearer and more
effective the pig Maan effect the pigmon
effect happens when high expectations
lead to better performance for example
if a teacher believes a student will do
well the student often performs better
this shows how powerful positive
expectations can be to use this effect
for yourself set high but realistic
goals believe in your ability to succeed
and you'll likely see better results
high expectations can motivate you to
achieve
more consistency principle the
consistency principle is the desire to
stick to what you've said or done before
for example if you tell your friends
you'll exercise three times a week
you're more likely to do it to stay true
to your word this principle helps you
keep promises and follow through on your
plans to use this share your goals with
others this makes you more likely to
achieve
them the planning fallacy the planning
fallacy is when you underestimate how
long a task will take to complete for
example you might think you can write a
report in 1 hour but it actually takes 3
hours to avoid this consider past
experiences and and add extra time to
your estimates break down the task into
smaller steps and assess how long each
part will realistically take this helps
ensure you have enough time to finish
your tasks without
rushing confirmation
bias confirmation bias is focusing only
on information that supports your
existing beliefs for instance only
reading news that aligns with your
political views this can limit your
understanding and reinforce your biases
to avoid this try and find information
that challenges your beliefs challenge
Yourself by seeking out information that
opposes your beliefs to get a balanced
perspective the bandwagon effect the
bandwagon effect is when you follow what
others are doing for example if all your
friends start using a new social media
app you might join in just because they
are to avoid this make decisions based
on your own likes and values think about
whether you really enjoy something or
are you just following the crowd by
staying true to self you can avoid being
influenced by the bandwagon
effect the endowment effect the
endowment effect is valuing something
more just because you own it for example
holding on to Old gadgets that you no
longer use to avoid this try to see your
possessions from an outsider's
perspective and evaluate their actual
usefulness action
bias action bias is when we prefer to do
something rather than nothing even even
if doing nothing is better this bias
occurs because taking action often makes
us feel more in control and productive
even if the actions are not helpful or
necessary for example during the UEFA
Euro Cup a coach might keep changing
players positions after a few losses
looking for a quick fix these constant
changes can hurt team performance
sometimes sticking to the original plan
works better recognizing action bias is
crucial as it helps us understand when
patience and in action might be more
beneficial than impulsive
actions the Dunning Krueger effect the
Dunning Krueger effect is when people
who aren't very skilled at something
think they're much better than they
really are for example someone who just
started cooking might believe they can
make gourmet dishes even though they
still have a lot to learn this effect
makes it hard for people to see their
own mistakes and improve to avoid this
stay humble keep learning and seek
feedback from others this helps you see
your true skill level and continue to
grow
the bedair mayoff
phenomenon the bedair mayoff phenomenon
also known as frequency illusion is when
you notice something new and then start
seeing it everywhere for example
learning a new word and suddenly seeing
it in different places this occurs
because our brains are good at spotting
patterns and noticing things that are
relevant to us to counter this
understand that this increased frequency
is a cognitive bias not always an
accurate reflection of reality
loss aversion loss aversion is the
tendency for people to prefer avoiding
losses rather than acquiring equivalent
gains for instance losing $20 feels
worse than the pleasure of finding $20
this can lead to excessive caution and
risk aversion to deal with this try to
think about the possible good outcomes
as well as the bad ones this can help
you make better choices and not miss out
on good
opportunities the Ikea effect the Ikea
effect is the phenomenon of valuing
something more because you had a hand in
creating it like that wonky bookshelf
you assembled yourself just because you
wrestled with Allen Keys doesn't mean
it's a masterpiece get honest feedback
from others to avoid overvaluing your
efforts the decoy effect the decoy
effect occurs when people's preferences
change due to the introduction of a
third option the decoy which is
asymmetrically dominated for example at
the movies you have three pop orn
choices small for $3 medium for $6.50
and large for 7 without the medium
option most people might choose the
small size because it's cheaper however
with the medium option present the large
size seems like a much better deal for
just 50 cents more this often leads
people to choose the large size here the
medium size is the decoy making the
large size look more attractive even
though the small size might have been
preferable without
it the availability heuristic the
availability heuristic is a mental
shortcut where people rely on immediate
examples that come to mind when making
decisions this often leads them to
overestimate how common or important
those examples are imagine you're
deciding whether to fly or drive for
your next vacation recently you heard
about a plane crash on the news because
this event is fresh in your mind you
think plane crashes are common and
decide to drive even though
statistically flying is much safer than
driving to avoid this check for real
facts and statistics before making a
decision the dero effect the dero effect
is when acquiring a new item leads to
additional purchases for example buying
a new phone and then feeling the need to
get matching accessories be mindful of
how one purchase can influence your
overall
spending the bystander effect the
bystander effect is the reduced
likelihood of helping someone in need
when others are present for example you
might not help in a public emergency
because you think someone else will to
counter this take personal
responsibility and act when you see
someone in need regardless of the crowd
around
you the gambler's fallacy the gambler's
fallacy is believing that past events
affect the probability of future ones in
random situations for example thinking
that a coin is due to land heads after
several Tales remember each event is
independent in random scenarios
hindsight bias hindsight bias is the
tendency to see events as having been
predictable after they have already
happened for example claiming and knew a
team would win after the match is over
recognize this bias and be honest about
what you truly knew before the
event the unity principle the unity
principle is about our tendency to favor
and feel closer to people who we
perceive as part of our group for
example trusting a recommendation from
someone who shares your interests or
background imagine you're in the market
for a new laptop a friend from your same
Hometown who also loves gaming like you
recommends a specific model even though
there are many reviews online you're
more likely to trust your friend
suggestion because you identify with
them and share common interests be aware
of this bias when making decisions
consider recommendations objectively and
evaluate all available information to
make the best choice not just those from
people you identify with this ensures
more balanced and informed
decisions reactant bias reactant bias is
the urge to do the opposite of what
someone tells you to maintain your
freedom for example wanting to break a
diet just because someone commented on
it focus on your own goals and the
reasons behind them rather than reacting
to others
comments the zigic effect the zaric
effect is the tendency to remember
unfinished tasks better than completed
ones for example you start writing an
email but get inter rupted and can't
finish it you're likely to keep thinking
about that unfinished email until you
complete it whereas you might quickly
forget about an email you've already
sent use this effect to your advantage
by breaking large tasks into smaller
unfinished segments this keeps them
fresh in your mind and helps you stay
motivated to complete them it's also
useful for studying or working on
projects as leaving tasks unfinished can
prompt you to come back and complete
them the ambiguity effect
the ambiguity effect is the tendency to
avoid choices with uncertain outcomes
for example sticking to familiar
products instead of trying new ones
imagine you're choosing between two
restaurants one is a popular chain
you've been to many times and the other
is a new place with no reviews you might
choose the chain restaurant simply
because you know what to expect even if
the new place could be better be aware
of this bias when making decisions
sometimes exploring options with unknown
outcomes can lead to better experiences
and opport opportunities don't let the
fear of the unknown hold you back from
trying something
new the end of History illusion the end
of History illusion is believing that
your current self is the final version
of you and that you won't change much in
the future to counter this remember that
change is constant think about how much
you've changed in the past and know that
your future self will continue to grow
Embrace this idea to stay open to new
experiences and opportunities for
personal
development hey you ever noticed
yourself falling into any of these
psychological traps share your
experiences in the comments below
remember these psychological traps are
just that traps but with a little
awareness and effort we can avoid them
and make smarter choices the more you
understand how your mind works the
better equipped you'll be to spot these
traps if something feels off it probably
is thanks for watching
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