3 More Biases You Should Also Be Aware Of

hey there it’s David H Lawrence the 17th
and I wanted to take one more video and
share with you three more biases that we
often encounter when we’re trying to
determine the path that will take in
life with regard to certain issues how
we look at things how we judge things
whether we support things whether we
don’t support things what we accept as
truth what we reject as false ‘ti those
things often will fall prey to these
biases we covered three in a previous
video and I’ve got three more for you
the first of which is anchoring and this
is a bias that sort of shows itself in
lots of different ways a good example
would be price we can look at something
very expensive and immediately be off
put by the price but if we’re presented
with an anchor say a price that’s a lot
higher and then were shown that very
same price that we rejected before
because it was high we tend to not not
care that much it feels like we’re
getting a bargain in terms of any
benefit that we have if we’re being
shown that things could be a lot worse
and anchored to that and then shown the
reality it’s very different from just
being shown the reality as it stands
when we compare those things we tend to
have a bias toward it so for example if
you saw a car that cost you know $21,000
it’s a lot of money this happened to me
just this is an example that I’m
bringing you so I’ll carve $21,000 but
then you hear that it originally was
$35,000 and they’re offering it to you
for twenty one thousand the first thing
I think is what’s wrong with the car
and there wasn’t anything wrong with the
car they just had had it on their lot
too long and they thought okay we’ll
bring out the suggested retail price and
it’ll make because of anchoring it’ll
make the actual sale price seem that
much better
so that’s anchoring and we can find
those biases all over the place when
we’re presented with how bad things
could be right that’s the anchor that we
look at the second-last bias that I want
to share with you is the simplicity bias
and the simplicity bias is shows itself
in that we favor we tend to favor
solutions that are simple solutions to
difficult questions because of their
simplicity so if we think to ourselves
oh we can solve world hunger just with
you know genetic manipulation of food
you know genetically modified organisms
it’s not so hard we know how to do that
but there is a lot more to that problem
than just that one simple solution or we
read about something where the phrase
that’s used is but it all boils down to
one little thing and we instantly assume
oh that’s awesome because it saves us so
much work it prevented us from thinking
too hard but the truth of the matter is
is that simplicity is usually just an
option it’s not the cool hip awesome
solution to everything
often even simple problems are very
complex to solve you know there are so
many diverse –iv issues divisive issues
in the world that seem like they would
have a really simple solution and once
somebody latches on to a simple solution
they’re oh well let’s do that that’s
easy that’s that’ll save us a bunch of
effort but that’s a bias right you have
to really look at all the different
options right so the last one I want to
share with you after anchoring and the
simplicity bias is probably the
granddaddy of them all and that is
formation bias you may have heard about
this before confirmation bias it is our
tendency to look for and to give more
credence to solutions to problems that
reflect our existing beliefs one of the
phrases that you hear all the time is
you know if all you have is a hammer
everything starts to look like a nail
right you think to yourself well I I
believe this about this situation so I’m
going to use that in terms of the
information that I judge to be positive
and the more you believe that what you
believe is the the truth the
be-all-end-all truth and there’s no
shades to it the more likely it is that
you will filter out anything that
doesn’t fall in line with that anything
that doesn’t align with that you’ll
ignore everything that goes up against
that when often it’s a great idea to
consider all of the different options
that you have as you pick out your path
right as you come up with your solution
because even if you end up rejecting the
things that don’t serve the beliefs that
you already have at the very least
you’ve considered them not evenly but at
least you’ve given them the opportunity
to present themselves as possibilities
as opposed to just rejecting them out of
hand you know I mean I’ve told you many
times I’m a process person I want to
know what step one is step two is step
three is step four is all the way up to
step X whatever that is getting me from
knowing nothing or knowing very little
or just starting off to success right
and many times I’ve felt myself saying
oh well that that’s something that I
already knew so I’ll give that the
benefit of the doubt and I’ll favor that
over something that I don’t know but
could possibly be a nugget of gold that
could really help me so confirmation
bias is sometimes hard to recognize but
it’s worth being
aware of and watching for just ask
yourself do I believe this because I’ve
always believed this does this thing
that I’m rejecting does it have any
basis in fact remember the video that we
did where we said the simple one-word
question to ask yourself is and right so
there you go there’s three more biases
all worth looking at when you are
deciding what is part of your
decision-making process in your critical
thinking process
I just find all this stuff fascinating I
don’t know if if you do if you do let me
know in the comments below let me know
if I’m boring you I just I just find
this stuff fascinating because we all
want to get better at what we do no
matter what it is that we do and
sometimes not knowing those pitfalls not
knowing those speed bumps you know if we
just did know them it would be a lot
easier for us to do better at what we’re
trying to do so let me know in the
comments below if you’re watching this
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David H Lawrence xvii I thank you so
much for watching and I’ll talk to you
tomorrow.