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Our decisions are influenced by biases and emotions from "summary" of Predictably Rational? by Richard B. McKenzie
When we make decisions, we often like to think that we are being rational and logical. We believe that we are weighing all the options carefully and choosing the best course of action based on objective facts and evidence. However, the reality is that our decisions are often influenced by biases and emotions that we may not even be aware of. One of the main biases that can affect our decision-making is the confirmation bias. This bias leads us to seek out information that confirms our existing beliefs and ignore information that contradicts them. As a result, we may make decisions based on incomplete or biased information, rather than considering all the available evidence. Another common bias is the availability heuristic, which causes us to rely on information that is readily available to us when making decisions. This can lead us to overestimate the likelihood of certain outcomes simply because they are more salient in our minds, even if they are not actually the most probable. In addition to biases, our decisions are also influenced by our emotions. Emotions play a powerful role in shaping our choices, often leading us to make decisions based on how we feel in the moment rather than on a careful consideration of the facts. For example, we may be more likely to take risks when we are feeling positive and optimistic, or avoid making decisions altogether when we are feeling anxious or fearful.- We can take steps to mitigate their impact and make decisions that are truly rational and logical. Ultimately, by recognizing the role that biases and emotions play in our decision-making process, we can become more effective and successful decision-makers.
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