Hello Folks !!
Why do we make bad decisions? Even the people who have a rationale behind decision-making are making a bad decision, why is that? Are we doing it correctly or what is our problem and why do we make bad decisions is the core of this wonderful talk by Dan Gilbert. The talk is the longest ted talk I have ever shared in this series and the talk is followed by a small discussion with the speaker. Watch the TED Talk at the link below.
Welcome Back !!!
Dan Gilbert talks in detail about various kinds of errors we humans make. The error ranges from estimating the odds, estimating the value of our success, comparing the options, and so on. We are blinded by a huge number of biases and fail to see the absolute value of it. This makes a huge difference when we see things from a distance. We don’t see a difference between 53k and 54K on a long shot, but the difference is exactly 1000 rupees. The same will be seen differently between 3K and 4K. We have this comparison bias and that changes the context entirely. We have been convincing ourselves to see the context and make an informed decision based on the context, but it doesn’t make sense on the absolute scale.
The decision of seeing things contextually or absolutely is the toughest ever decision in my humble opinion. This begs us with the question should we check things contextually and absolutely to make a better decision? Does it make sense to see things on an absolute scale when contextually it might be perfect? Striking a balance to see things contextually and absolutely involves assumptions and those decisions play a major role than the decision itself. Let’s try to dig deeper and overcome our biases and make better use of our abilities.