Human Nature Vs. Money: Battling Irrationality & Thinking Traps [#2 Cognitive Biases]

Manipulation tactics that work - Irrational behaviours that don't - Prediction Fallacies we fall for. In this episode, we dive further into our series on cognitive biases and how they cloud our judgment. Studying applied psychology we can learn how we get manipulated by companies and start to protect ourselves from our own irrationality. Take homes: How to protect ourselves against pricing tactics Reduce irrational decisions Build awareness of the truth Reduce unpleasant surprises Make better investments Further reading: Thinking Fast and Slow - Daniel Kahneman - UK Book - US Book Predictably Irrational - Dan Ariely - UK Book - US Book Further Listening Enjoyed this episode? Check out the rest of the Cognitive Ciases series: Ego Blindspots: 9 Cognitive Biases to Avoid - [May 7th] [YOU ARE HERE] - Human Nature vs. Money Confirmation Bias and the 7 Sins of Lazy Thinking - [June 4th] Reality Distortion and the 7 Illusions of Perception Impact Everyone - [June 18th] Cognitive Rigidity and How Einstein Overcame the 5 Biases that Keep Us Stuck - [June 19th] Thinking Fast and Slow: How to Make Better Decisions - [July 12th] Sponsor - Cozy Earth Luxury Bamboo sheets and Loungeware that become softer the more you use them. 35% off code 'GROWTH' - CozyEarth.com Sponsor - LinkedIn Jobs Promote your job for free to over 1 billion professionals. LinkedIn.com/Growth Discussed links Trump given 1% chance of Nominate - 2015 report Forbes - Any Monkey Can Beat the Market Growth Mindset pod Sam Webster Harris explores the psychology of happiness, satisfaction, purpose, and growth through the lens of self-improvement. Success and happiness is a state of mind unique to ourselves and is our responsibility to create. Watch the pod - YouTube (Growth Mindset) Mail - GrowthMindsetPodcast(at)gmail.com Insta - SamJam.zen Chapters 00:00 SECTION - Framing effects 00:01 #1 Anchoring Bias 02:54 The Opposite Strategy 04:59 #2 Framing Effect 08:06 #3 Decoy Effect 10:45 SECTION - Irrational 10:47 #4 Gambler's Fallacy 16:45 #5 Sunk Cost Fallacy 19:21 SECTION - Bad Prediction Flaws 19:55 #6 Overconfidence Bias 21:30 #7 Information Bias 25:34 Send Off Learn more about your ad choices. Visit podcastchoices.com/adchoices