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

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There are a lot of opinions on how to master your mind, but then there’s PSYCHOLOGY. We’re all stuck with the brain we’re born with, but we aren’t stuck with how we use it. Learn science-backed answers to make the most of your mind and your life. CURIOUS? Growth Mindset Psychology is the "self-help sceptic" podcast for the curious. Whether you want to improve performance, navigate setbacks, or know who you are. We find answers to the true science of self-improvement. So put down the astrology chart and start working with your mind, instead of against it. With over 8 million downloads and 60,000 monthly listeners, you’re invited to join. PROCESS Instead of telling you what to think, we discuss how thinking works. Armed with a stack of science journals, textbooks and a boatload of curiosity, we uncover the mechanics of the mind. Why? >>> Success is personal! You might want to make the most of your neurodiverse strengths, start a business, or simply find more reasons to smile. Hone your ability for independent thinking and growth with mental models to pursue your definition of success. HOST I’m Sam Webster Harris, a lifelong learner with ADHD, a raging curiosity, and an obsession with finding answers to hard questions. After launching several businesses, travelling the world and nearly dying a few times I concluded that science and Psychology are where it’s at. What actually makes people happy? What’s the best way to treat a brain? How can I get more done? Studying the answers we find that changing behaviours requires building mindsets, mental models, and a healthy relationship with failure. I run the show to help listeners enjoy nutritious content that feeds their minds (and I needed a legitimate excuse to cover for my reading addiction). PREMIUM Go Ad-Free and listen to exclusive content. Support the show and access the AMA features and community Discord. Growth Mindset Premium ARCHIVE Previous guests include Olympians, Scientists, Billionaires, and Sam's Mum. Past series: — Psychology vs Stoicism — Time Management for busy mortals — Independence and knowing yourself — Cognitive biases and rational thinking — Psychology of connection — Carol Dweck and the Multiverse of Mindsets