Search Results for: confirmation bias

Confirmation Bias And the Power of Disconfirming Evidence

May 24, 2017

Confirmation bias is our tendency to cherry-pick information that confirms our existing beliefs or ideas. Confirmation bias explains why two people with opposing views on a topic can see the same evidence and come away feeling validated by it. This cognitive bias is most pronounced in the case of ingrained, ideological, or emotionally charged views. […]

Complexity Bias: Why We Prefer Complicated to Simple

January 08, 2018

Complexity bias is a logical fallacy that leads us to give undue credence to complex concepts. Faced with two competing hypotheses, we are likely to choose the most complex one. That’s usually the option with the most assumptions and regressions. As a result, when we need to solve a problem, we may ignore simple solutions […]

Commitment and Consistency Bias

August 29, 2016

We have an instinctual desire to remain consistent with our prior actions and beliefs. This can lead us to behave in irrational ways. Here’s how the commitment and consistency fallacy can lead us to do things that aren’t always in our best interest. “The difficulty lies not in the new ideas, but in escaping the […]

The Psychology of Human Misjudgment, by Charlie Munger

March 02, 2020

The Psychology of Human Misjudgment, a speech given in 1995 by legendary investor Charlie Munger, opened my eyes to how behavioral psychology can be applied to business and problem-solving. Munger, for those of you who haven’t heard of him, is the irreverent partner of Warren Buffett at Berkshire Hathaway. He’s offered us such gems as: […]

How to Use Occam’s Razor Without Getting Cut

October 28, 2019

Occam’s razor is one of the most useful, (yet misunderstood,) models in your mental toolbox to solve problems more quickly and efficiently. Here’s how to use it. *** Occam’s razor (also known as the “law of parsimony”) is a problem-solving principle which serves as a useful mental model. A philosophical razor is a tool used […]

A Wandering Mind: How Travel Can Change the Way You Think

September 23, 2019

Most people travel as an observer, and as a result, “see” a lot. When you travel as an active participant, the experience can transform the way you think, and how you see the world. *** Here’s a situation familiar to many of us: We decide to take a vacation and go somewhere exotic. We plan […]