How to Make Better Decisions (with science)
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- Опубликовано: 10 июл 2024
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What's the one thing that can ruin your decision making abilities? It's sunk cost bias, where we are more likely to choose something we’ve invested time or money in, even if it’s not the best decision for our future wealth or happiness. I'm trying to improve my decision making, and I hope these psychology tips will equip you to make better decisions in your life 🤔
Music by Epidemic Sound: epidemicsound.com/creator
REFERENCES 📚
Arkes, Hal & Blumer, Catherine. (1985). “The psychology of sunk cost.” Organizational Behavior and Human Decision Processes. 35. 124-140. 10.1016/0749-5978(85)90049-4.
Ferrer, Rebecca A., Alexander Maclay, Paul M. Litvak, and Jennifer S. Lerner. "Revisiting the Effects of Anger on Risk-Taking: Empirical and Meta-Analytic Evidence for Differences Between Males and Females." Journal of Behavioral Decision Making 30.2 (April 2017): 516-526.
Lerner, J.S., Ye, L., Valdesolo, P., Kassam, K.S. (2015). Emotion and Decision Making
Annual Review of Psychology 66:1, 799-823.
Cryder, C. E., Lerner, J. S., Gross, J. J., & Dahl, R. E. (2008). Misery is not miserly: sad and self-focused individuals spend more. Psychological science, 19(6), 525-530. doi:10.1111/j.1467-9280.2008.02118.x
Leone, M.J., Slezak, D.F., Golombek, D., Sigman, M. (2017). Time to Decide: Diurnal Variations on the Speed and Quality of Human Decisions. Cognition. doi: 10.1016/j.cognition.2016.10.007
Grossmann I., Kross E. Exploring “Solomon’s paradox”: Self-distancing eliminates the self-other asymmetry in wise reasoning about close relations in younger and older adults. Psychol. Sci. 2014;25:1571-1580. doi: 10.1177/0956797614535400.
Hafenbrack AC, Kinias Z, Barsade SG (2014) Debiasing the mind through meditation: Mindfulness and the sunk-cost bias. Psychological Science, 25, 369-376. 10.1177/0956797613503853
What's the one thing that can ruin your decision making abilities? Hi, I'm just over here trying to manage my sunk cost bias! I also take the elevator all of the time when it would just be quicker to take the stairs. But I've waited for the elevator, you know? Anyway, are there any decisions you struggle with? 👇 (hope these tips help!)
Thanks for the tips, I'm sure they'll helps.
What is the song 2:50 plz tell
BrainCraft I’m going to have to call the police on you. Because you’re killing it.
*_Being angry_* is the best way to ruin my own decision-making abilities.
Being tired is also a bad sign.
Another bad one is *consuming alcoholic drinks.* But at least I've already decided never to drink alcohol again, so that's no longer a problem for me! 😆
Sunk Cost Bias. I'll definitely remember this.
I've been a game programmer for 4 years. But because the job is not that stable in my country, I decided to quit and start from scratch as a Full Stack Web Dev. It turns out the job pays more, it's more stable, and I could learn new things everyday.
Next step, I'll implement this in relationship. Will stop chasing after years of unsuccessful attempt.
Just make sure you aren't quitting relationships because you're tired of rejection. For continuing to be a sunk cost would require that the expected value of continuing is negative, i.e. not worth it. This may be the case or may not, depending on how much you value relationships, but it's really easy to trick yourself into thinking it's not worth it when that's just an excuse so your failures don't feel as bad. Be careful, my bro, and be happy.
Your style of explaining and your voice. I just loved it. ♥️
Really impressed by the quality of these latest crop of videos. Animation, illustration, branding... well done!
Thanks Matt!
One thing's for sure, without sunk cost bias I'd be single
Ha! Hadn't thought of it in terms of relationships before 😬
Although it seems natural to wonder about that, there's also the possibility of returning to the state of overlooking faults deliberately that occurs more naturally in the first limerences... It of course works best if both partners do make that effort.
Everyone is flawed so expecting anything remotely perfect from our SOs is bound for disappointment, but if we each try to do better there's hope yet, eh?
Same here brother! If my girlfriend sees this video, I'm screwed.
I made this whold sappy paragraph about my relationship blah blah blah. I ended with this conclusion for you here:
*It's selfish to keep your partner out of a happy relationship*
Move on and let them actually find someone who wants to spend time with them.
Its irrational and destructive to stay in it (for both parties)
Sunk cost doesn’t just affect us. Whole governments fall for it.
Well it's people and their biases making up the government, the structural features and the decisions at inflection points, so naturally...
super cereal, guys, the Russians really are up to something this time
I’m at the brink of a big lifestyle change and this is priceless information. This kind of thoughtful perspective shift on ourselves allows one to get excited by science and about our own well-being via really accessible educational videos! I feel so much smarter and more aware/in tune with myself and better grip on myself.
The total cost to build Titanic was about 1.5 million pounds, or 7.5 million US Dollars in 1912. Adjusted for inflation, that's about $180 million today.
Now _that's_ what I call a sunk cost bias.
I know this affects me greatly, thanks for all the great videos to work on ourselves.
This channel is like a life lifehack 🙃
I like your videos. I watched that video on why people don't keep New year's Resolutions, and it helped me too keep up with mine. My resolution was to wake up at 5:30a.m. as much as I can. I am still doing it even after failing, early on, for a couple weeks. I started doing it in December that way by January, I had already done it for a while. It is way more important to get back into it then it is to mess up a day.
The relief is the reward of sunk cost bias. Often we only see the obstacles in our way, ordeals to deal with, rather than look for new solutions.
Your voice is soothing
I agree. That's the main reason I'm subbed to this channel
Thanks, that helps.
Great video :)
Interesting how this applies to so many things, i actually learned this in economy class. It has big consequences in political/economical decisions made around the word
i,m loving your new videos
Thank you!!! I needed this, I will leave my kids now :D
Ha! ... Nah, just realize the flaws they've aquired from *others* and those that got from *you* ...
Adjust ... Observe consequences ... Reflect and realize flaws remain in *all* parties... Repeat ad infinitum ...
Father of 5 ... GL ;)
@@ephemeralvapor8064 that's a joke lol
Nice graphics and typography ✨ obvz the content is 🥇
I absolutely love Vanessa!!! Another great video! Thank you!!
I was speaking to this one guy about the merits of Cryptocurrrencies like Bitcoin. I was wondering how the fear of missing out influences how people judge an investment versus a speculation. It's pretty interesting, and the fear of missing out seems to influence us in other areas of life as well. Whether it's health fads, real estate, or just interest in a booth giving out free pretzels. This fear seems to push people to take interest and then to act in ways they would normally not care to. The sunk cost fallacy plays into Bitcoin as well as those that have held onto the coins from $20,000 to $8,000 feel an almost irrational devotion.
Sunk cost is one of the biases I try to be conscious of. I see my family members falling into it all the time.
Please make a video on how to do mindfulness meditation
You could also consider sticking to the Uber just because you wouldn't want the driver to have been stuck in traffic all this time all for nothing.
Imagine waiting in the traffic for a lot of time just to find your customer cancel the request when you're halfway through.
I'm not much of an empathic one myself, but this would suck to be in the place of the uber driver if you just choose to take the train twenty minutes after calling him.
To bring emotions into an economic argument: yes good point 🙃
@@braincraft I'm just saying this example is not the best to illustrate sunk cost bias because here you can actually stick to your decision because of a totally different reason than the sunk cost bias.
@@braincraft Hey Vanessa, I honestly can't tell if you're being sarcastic or not.
I will say that some decisions which, at first glance may appear to be "emotionally-driven", can in fact still be rooted in ethics.
For example, given the choice between an automated checkout machine and a cashier, I will almost always choose the cashier. This choice is rooted in the fact that there are less and less employment opportunities for less educated people, and until we -as a society (fwiw: I'm in the USA)- provide either (a) universal basic income _or_ (b) free education for all (including higher education), I believe the most ethical choice is to maintain jobs for individuals with relatively little education. Thus, my use of a cashier is an "action vote" to maintain such jobs and to live in a way that is consistent with my ethics.
@John von Milton's example is similarly an ethics-based choice.
Also, tiny houses are cool! I don't understand folks who want mansions, who are all those extra rooms for? Just wasted space.
0:07 something similar happens to me when I try to pay for my items in the store I choose the line with less people but it turns out that the line moves more slowly, then sometimes I move from one line to another only so that the line that I moved to the cashier has difficulty with some product and there I'm still stuck waiting for the line to move 😤😑😤
Smooth sponsor transition. ^^
Oooooh the sunk cost fallacy... Such a fun thing.
Wouldn't another mistake be that we sometimes really keep overthinking our decisions? It really can make us doubt ourselves and make us feel regretful.
It's very hard to find a happy medium! I actually use things like guided meditations and exercise when I want to stop overthinking - when I try to run all I can think about is surviving!
I think we make it hard to choose when we amplify how important the decision means to us.. like for food, we don't think or try not to stress about it.. imagine if we used that same concept for anything else.
I think that part of sunk cost bias is a social behavior- giving up on a plan signals to everyone who sees it that you made a bad plan, while people might not notice it's bad if you stick with it. Thus, it's kind of like trading a worse outcome for saving some reputation. Have you ever started walking but then realized you actually need to be going in the opposite direction and you just feel like an idiot if you turn around and go the other way? It's the same effect, you don't want to seem like an idiot when you are thinking about changing plans. I think knowing what's behind sunk cost bias can help you get a hold of it better, because if you don't address that part of it then your intuitive mind will still think on some level that it's justified because you are dismissing it without taking into consideration some of the important reasons why it's there. Just my two cents.
God I love her accent!
🇦🇺
Watch more Australian videos. :)
What the heck? Are you me? After stressful days, I sit down with a warm bowl of soup in front of my monitor and watch Living Big in a Tiny House, letting the positivity and simplicity wash over me. Always leaves me feeling better.
Living Big in a Tiny House is a great channel! Bryce has such a chill, soothing energy, and the camera work is top notch.
I think for me it is because Im too lazy to evaluate a new decision sometimes, in other words: my short-term decision making wins due to laziness xd.
I also think that it's easier to solve other peoples problems since you don't have to really lose something (since the responsibility of that decision is still with the other person), so you can cancel out the fear part more or less.
It would make sense to me if the reason it feels harder to solve our own problems is caused by our survival instinct and an important part since we solve those problems with more responsibility.
When it comes to my personal experience I'd say that it's is fine to make decisions about "how" to solve a problem in the morning, but sometimes it is better to take the "should I?" problems in the evening, since you risk more in the evening and therefore are more likely to fulfill a task or a need you would not have fulfilled in the morning, which for me, lead to more happiness, since those barriers I feel in the morning sometimes hold me back a bit.
Hello!
I made the right decision to subscribe to this channel, and I am 110% sure 😉🐰😜
4:22 you can *train* yourself
😉
I have a question for you why I feel more comfortable in a house with a high sealing approx 6 m than a house with average sealing 3 m although they have the same area ?!
A 5-minute video on why Vulcans might have the right idea 🖖
You made the right decision in going with Uber!
Sitting here thinking about all the poor choices I’ve made from high school to present. Wondering how much different my life would be if I had done “this” instead of “this” 😂
What is the song 2:50
So, I decided to, finally, check out curiositystream. Alas, I don't think you'll get any kickback because it turns out my ISP offers complimentary access. . .I'm now trying to figure out what else I'm getting for "Free" with my ridiculous monthly payments to my ISP.
i would have waited for the car because it might have been inconvenient for the uber guy
❤️
I always choose the train because cars don't have public pianos in them
When I'm trying to choose between 2 things, I flip a coin, between 3 or more, eeny meeny miny moe, then if I don't like what I ended up with, I choose the other, or take out that choice and EMMM again. It just makes it so I'm forced to see what I really want.
just live long and prosper
Confirmation bias here...
I just saw Louis Rossmann talk about the same topic. There must be something about the sunk-cost bias that is modern! (biased)
I prefer to cut my losses and go after something better.
😋😘😍😍😍😏😎😎
Post-nut clarity is a wise choice
Haha, this video reminds me of another video explaining this but more from the financial side in another channel in PBS Studios called Two Cents: ruclips.net/video/n1b7piSmmME/видео.html
Is there a relationship between mindful meditation and masturbation? (This is not a joke, I am genuinely looking for it)
I'm not digging the new animation style. Are you just don't it for this string of videos? Or are you going to keep using it in your other vids?
2:20 "Fear could lead you to make decisions that aren't logical" ... Now that explains how right wing politics work.
No, both left and right wing use this method for different agenda's unfortunately
@@Summerbrah Fair enough, but I feel like it's worse on the right.
@@Donar23 that is true.
No trains or buses where I am at. Get out of your bubble.
This video *VERY* nearly made me unsub! I thought this was meant to be a science based channel?
...psychology is a science
What about this video didn’t seem science based?