Exclusive :5 Mental Mistakes That Keep Me From Making Good Decisions

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I'd like to believe I'm a rational person, but I'm not. The good news is that it isn't just you or me. We are all illogical and make mistakes in our thinking.

For a long time, scientists and economics assumed that humans made rational, well-thought-out decisions. Researchers have discovered a wide spectrum of mental flaws that impair human reasoning in recent decades. We make logical decisions on occasion, but we also make emotional, irrational, and perplexing ones on a regular basis.

Psychologists and behavioral researchers are fascinated by these various mental errors. There are dozens of them, each with a fancy name like "simple exposure effect" or "narrative fallacy" attached to it. But I'm not interested in getting mired down in scientific jargon today. Instead, let's speak about the most common mental errors we encounter in our daily lives and break them down into simple terms.

Here are five frequent mental errors that make it difficult for me to make sound decisions.

Survivorship bias, in my opinion, is our proclivity to concentrate on the winners in a given field and try to learn from them, while entirely overlooking the failures who are using the same method.

Thousands of sportsmen may have trained in a similar manner to LeBron James but never made it to the NBA. The problem is that the thousands of athletes who never made it to the top go unnoticed. We only hear from those who make it.

Loss aversion describes our high preference for avoiding losses over gaining advantages. According to research, if someone gives you $100, you will feel a tiny rise in happiness, but if you lose $100, you will feel a far greater decrease in satisfaction. Yes, the answers are diametrically opposed, but their magnitudes are not equal.

Our natural need to avoid losses leads us to make rash judgments and alter our behavior in order to maintain what we already have. We are hardwired to be protective of our possessions, which might lead us to overvalue them in compared to the alternatives.

The Availability Heuristic refers to a common error made by our brains in presuming that the first examples that come to mind are also the most important or prominent.

The anchoring effect is a cognitive bias in which a single reference point or 'anchor' influences a person's decisions. According to Wikipedia, after the anchor's value is set, subsequent arguments, estimates, and other statements made by an individual may differ from what they would have been if the anchor had not been set.

Confirmation bias describes our proclivity to seek out and select information that supports our ideas while disregarding or dismissing information that contradicts them.

Changing your opinion is more difficult than it appears. The more you believe you know something, the more you filter out and dismiss all contradicting evidence.

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