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Be open to updating your beliefs from "summary" of Thinking in Bets by Annie Duke
In order to make better decisions, it is essential to remain open to updating our beliefs. This means being willing to change our minds when new information becomes available. It can be tempting to stick to our existing beliefs, even in the face of evidence that contradicts them. However, this can lead to poor decision-making and missed opportunities. When we are open to updating our beliefs, we are able to see things from a different perspective. We can consider new information and adjust our thinking accordingly. This flexibility allows us to make more informed decisions and adapt to changing circumstances. Being open to updating our beliefs also helps us to avoid the trap of hindsight bias. This is the tendency to believe that we knew something all along, once the outcome is known. By acknowledging that our beliefs are not set in stone, we can guard against this cognitive bias and make more accurate assessments of our decision-making process. In addition, updating our beliefs can help us to avoid the pitfalls of confirmation bias. This is the tendency to seek out information that confirms our existing beliefs, while ignoring evidence that contradicts them. By remaining open to new evidence and different viewpoints, we can make more objective decisions and avoid falling into the trap of confirmation bias.- Being open to updating our beliefs is a key component of thinking in bets. It allows us to make more rational decisions, based on the best available information. By embracing uncertainty and remaining open to new perspectives, we can improve our decision-making skills and increase our chances of success.
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