BELLE BETH COOPER, BUFFER
Get ready to have your mind blown.
1. We surround ourselves with information that matches our beliefs
Whenever your opinions or beliefs are so intertwined with your self-image you couldn’t pull them away without damaging your core concepts of self, you avoid situations which may cause harm to those beliefs. – David McRaney
2. We believe in the “swimmer’s body” illusion
Professional swimmers don’t have perfect bodies because they train extensively. Rather, they are good swimmers because of their physiques. How their bodies are designed is a factor for selection and not the result of their activities.
Without this illusion, half of advertising campaigns would not work.
3. We worry about things we’ve already lost
Organisms that placed more urgency on avoiding threats than they did on maximizing opportunities were more likely to pass on their genes. So, over time, the prospect of losses has become a more powerful motivator on your behavior than the promise of gains.
Hal Arkes and Catehrine Blumer created an experiment in 1985 which demonstrated your tendency to go fuzzy when sunk costs come along. They asked subjects to assume they had spent $100 on a ticket for a ski trip in Michigan, but soon after found a better ski trip in Wisconsin for $50 and bought a ticket for this trip too. They then asked the people in the study to imagine they learned the two trips overlapped and the tickets couldn’t be refunded or resold. Which one do you think they chose, the $100 good vacation, or the $50 great one?Over half of the people in the study went with the more expensive trip. It may not have promised to be as fun, but the loss seemed greater.
The fallacy prevents you from realizing the best choice is to do whatever promises the better experience in the future, not which negates the feeling of loss in the past.
b) leave the cinema and use that time to do something you’ll actually enjoy.
4. We incorrectly predict odds
5. We rationalize purchases we don’t want
Social psychologists say it stems from the principle of commitment, our psychological desire to stay consistent and avoid a state of cognitive dissonance.
6. We make decisions based on the anchoring effect
Your loss aversion system is always vigilant, waiting on standby to keep you from giving up more than you can afford to spare, so you calculate the balance between cost and reward whenever possible. – You Are Not So Smart
7. We believe our memories more than facts
Yet reliable statistical evidence will outperform the availability heuristic every time.
8. We pay more attention to stereotypes than we think
The human mind is so wedded to stereotypes and so distracted by vivid descriptions that it will seize upon them, even when they defy logic, rather than upon truly relevant facts.
Linda is thirty-one years old, single, outspoken, and very bright. She majored in philosophy. As a student, she was deeply concerned with issues of discrimination and social justice, and also participated in antinuclear demonstrations.
- Linda is a bank teller.
- Linda is a bank teller and is active in the feminist movement.
I was astonished. My economic colleagues worked in the building next door, but I had not appreciated the profound difference between our intellectual worlds. To a psychologist, it is self-evident that people are neither fully rational nor completely selfish, and that their tastes are anything but stable.