Hey guys practice psychology here,
and in this video we’re going to be talking about
12 cognitive biases.
Most of these were researched by ISMONOFF TV,
who has some great animations on topics like these
and other self development topics.
So check them out in the description or on the end screen.
Now let’s get into it.
Number one is anchoring bias.
We humans usually completely rely on the first information that we received.
No matter how reliable that piece of information is
when we take decisions.
The very first information has tremendous effect on our brain.
For instance, I want to sell you a car
and you are interested to buy it.
Let’s say you ask me what the prices
and I tell you thirty thousand dollars.
Now if you come back aweek later
and I say I’ll sell it to you for twenty thousand dollars.
This seems like a new very cheap price to you, right?
Because your judgment is based on the initial information
you got which was 30,000.
You feel like you ‘re getting a great deal
but, let’s say the first time that you ask me
and I say 10,000.
and then you come back the next week
and I tell you I’m gonna sell to you for 20,000.
Now it doesn’t look like a very good deal,
because the anchoring bias.
This is just a very generic use of the anchoring bias,
and I don’t want a bunch of comments about
why thirty thousand dollar car should be sold 10’000 dollars.
But another example is trees.
What if I asked you,
if the tallest tree in the world was higher or lower than 1,200 feet,
and if so, how tall?
The same effect occurs,
if I asked you to guess out of thin air
instead of giving you an anchor of 1,200 feet.
The results are crazy.
Number two availability heuristic bias.
People overestimate the importance of information that they have.
Let me give you an example here,
Some people think that
terrorism is the biggest threat to the United States,
because that’s what they see on TV. The news always talks about it,
and because of that it inflates the danger.
But if you look at the real perspectives
televisions cause 55 times more deaths than terrorism.
Yes, TVs literally following people and kill them
fifty five more times than terrorism.
You’re more likely to be killed by a cow than a terrorist,
according to the Consumer Product Safety Commission.
It’s more likely to die from a coconut falling on your head,
and killing you than a terrorist attack.
Thank you gary vaynerchuk for that one.
Even the police that are hired to protect you from terrorists,
it’s estimated that you were a hundred thirty times
be killed by the police than by a terrorist.
That’s because people do not make the decision
based on facts and statistics
but usually they make it on news and stories
and stuff they hear from other people.
It’s way scarier to die from a terrorist attack in a falling coconut
and because of this usually the news won’t cover it,
because there’s not much money in it.
Number three is the bandwagon effect
People do or believe in something
not because they actually do believe it,
but because that’s what the rest of the world believes in.
In other words following the rest without thinking.
If you’ve ever heard someone say,
well if your friends jump off a bridge, would you?
then that someone is accusing you of the bandwagon effect
It happens a lot with us.
I mean, a lot of people vote for the certain candidate in a election
because he’s the most popular
or because they want to be part of the majority.
It happens a lot in the stock market too.
If someone starts buying a stock
because they think it’s going to rise,
then a lot of other people are going to start picking the stock as well.
It can also happen during meetings.
If everyone agrees on something
you are more likely to agree with him on that object.
In management the opposite of this is called the group think,
and it’s something companies try very hard to turn.
Because if nine out of ten people agree on something,
for the last person doesn’t and won’t speak up
it could squelch a great idea.
Number four is choice supportive bias
So people have the tendency to defend themselves
because it was their choice.
Just because I made the choice it must be right.
For example let’s say a person buys an apple product,
let’s say it’s a macbook instead of a windows pc
well he’s more likely to ignore the downsides
or the faults of the apple computer,
while pointing out the downsides of the pc
he’s more likely to notice the advantages
of the apple computer not the windows computer.
I would someone point out that they made a bad decision.
Well let’s say you have a dog
you think it’s awesome because it’s your dog,
although it might poop on the floor every now and then,
the same goes for political candidates,
not the pooping part but they both may suck
but one of the lesser of two evils maybe more right
in your mind because you voted for them.
Number five confirmation bias
we tend to listen to information that confirms what we already know
or even interpret the information that we receive in a way
that confirms the current information that we already have.
Let’s say that your friend believes that suites are unhealthy,
this is generally a pretty broad belief.
He will only focus on the information that confirms what we already know,
is more likely to click on videos that confirmed that belief
or read articles that support his argument.
He doesn’t go through and type
positive health effects of increasing blood glucose levels
or positive effects of eating a bowl of ice cream.
不 他只会本能地去百度 并键入：
No, he will instinctively go to google and type in
how bad is sugar for you.
The confirmation bias is a very dangerous in scientific situations,
and actually one of the most widely committed cognitive biases.
Number six the ostrich bias
this is the decision or rather subconscious decision
to ignore the negative information.
It may also be an indication we only want to consider the positive aspects of something.
This goes beyond are only looking for the positive information,
but this is when there is negative information
and we choose to ignore it as an outlier.
Sometimes even when we have a problem
we try to ignore it thinking it will go away.
Let’s say you have an assignment to do,
it’s not something that you really want to do
so you may just keep on procrastinating with it.
Because you’re minding said it will go away
or is solved by ignoring it.
Smokers usually they know it’s bad for their health,
but a lot of them keep ignoring the negative implications of cigarettes,
thinking it will not damage them or might stop them
before anything serious will happen,
because they consider themselves in our wire.
To avoid finding out negative information,
we just stop looking for it,
and this could be a serious crime in many scientific research laboratories
and basically promotes ignorance.
Number 7 outcome bias
We tend to judge the efficacy of a decision based
primarily on how things turn out.
After decision is made,
we rarely examine the conditions that existed at the time of the decision
choosing instead to evaluate performance solely or mostly
on whether the end result was positive or not.
In other words, you decide whether an action is right or wrong based on the outcome
this goes a little bit into consequentialism
but it goes hand-in-hand with the hindsight bias
let’s say there’s a manager who wants to take the decision
his team and the data are telling him to make one decision
but his gut is telling him to make another decision
well he goes ahead and makes the decision that has got told him to do
and then in the end it was the right decision
does that mean it’s actually better to trust your gut
rather than listen your team who is advising you based on facts and statistics
well that’s what the outcome biases
you take the decision and bass the effectiveness of your decision on the outcome
even if it was luck
now this is bad logical thinking and will actually lead you to ruin thinking
and bad outcomes in the long run
number 8 overconfidence
Sometimes you get too confident and start taking decisions not based on facts
but based on your opinion or gut
because you have been correct so many times in the past
for example you are a stock trader and you pick five stocks
in a couple years all of them turn out to be successful and profitable
it increases your confidence to a point
where you can start believing
that whatever start you pick will be successful
it’s quite dangerous
because you might stop looking at the facts and solely rely on your opinion
check out the gamblers fallacy
if you want more information on this
just because you flip the coin five times and it landed on heads
doesn’t mean that the next time there’s more than fifty percent chance of it landing on ahead again
ego is the enemy is a great book
about this bias and i just made a book review on it
number nine placebo bias
when you believe something will have a certain effect on you
then it will actually cause that effect
for instance you are sick and the doctor gives you
a certain medicine
even if that medicine does not actually help you
even if it’s just made of sugar
you believe that it will help you
and it actually causes you to recover quicker
this might not sound very logical
but dozens of experiments have proven this that’s why
if you realize positive people usually have positive life and vice-versa
the way you think is super important
and we’ve hit on this in previous videos
for the same reason a lot of personal development books say that
if you really believe something you will eventually achieve it
or at least find a way to achieve it
because the placebo effect will give you the motivation that need
the mind truly is a powerful thing
and this actually isn’t always bad thinking
in fact you can use a placebo effect
in our advantage if we use it wisely
there’s actually a reverse of this and it’s called the nocebo
and this is when it is native
number ten survivorship bias
this bias is when you are judging something based on the surviving information
let me give you an example here
there are a lot of articles titled
like five things millionaires do every morning
does that mean doing those things every morning will make you a millionaire
no, there are tons of people who did them and didn’t become a millionaire
but there are also tons of people who did them and did become a millionaire
so these articles are primarily based on the ones who survived
and reject all other people to do the same thing
but did not become millionaires
another example is to say that
buildings in an ancient city were built using extreme engineering
because they lasted so long
this is a bad conclusion
because you aren’t considering what ratio of buildings were built to how many that lasted
you’re only seeing the ones that lasted thousands of years of weathering
when the other ninety percent I’ve already washed away
it’s hard to know what you don’t know
Number 11 selective perception
I like this one.
Selective perception is a form of bias
that causes people to perceive messages and actions
according to their frame of reference
using selective perception people tend to overlook and forget that
contradicts our beliefs or expectations
let’s say for example you’re a smoker and
you’re a big fan of soccer you’re more
likely to ignore the negative advertisements about cigarettes
because since you are already smoking
you have this perception that it’s okay to smoke
but there’s an advertisement about soccer you are more likely to notice it
because you have a very positive perception about it
this is actually something really interesting and has to do with how you perceive
the world due to your subconscious mind and what it filters out
The last one is called the blind spot bias.
If I asked you how biased you are.
You would probably say that
you are less biased than the average person,
and you are more likely to base your judgment on facts and statistics,
and that’s what’s known as a blind spot bias,
or the bias bias.
Your are bias,
because you think that you are less biased than everyone else.
I gave something to my teacher
and the next week she gave me a good grade on a test.
If you ask her whether she was biased
when she gave me that grade,
the answer will be that the gift never affected her decision
when marking my paper.
But if you ask her if other teachers are biased
when students give them gifts, she will say yes.
In most cases.
And that’s what the blind spot biases.
I really enjoyed creating this video,
but most of the content was curated by my friend ismonoff.
He’s got a channel similar to mine
and I’d like you to check it out here or in the description.
I hope you guys enjoyed this video and learn something.
If you want more valuables like this
check out my channel and subscribe.
Thanks for watching.