We’re constrained by time and information, and yet we can’t let that paralyze us. Without the ability to act fast in the face of uncertainty, we surely would have perished as a species long ago. With every piece of new information, we need to do our best to assess our ability to affect the situation, apply it to decisions, simulate the future to predict what might happen next, and otherwise act on our new insight.
To act, we must be confident we can make an impact and feel what we do is important
In reality, most of this confidence can be classified as overconfidence, but without it we might not act at all.
To get things done, we tend to complete things we’ve time & energy in
The behavioral economist’s version of Newton’s first law of motion: an object in motion stays in motion. This helps us finish things, even if we come across more and more reasons to give up.
To stay focused, we favor the immediate, relatable thing in front of us
We value stuff more in the present than in the future, and relate more to stories of specific individuals than anonymous individuals or groups. I’m surprised there aren’t more biases found under this one, considering how much it impacts how we think about the world.
We favor simple-looking options and complete information over complex, ambiguous options
We’d rather do the quick, simple thing than the important complicated thing, even if the important complicated thing is ultimately a better use of time and energy.
|Less-Is-Better Effect||Information Bias|
|Conjunction Fallacy||Occam’s Razor|
|Law of Triviality||Bike-Shedding Effect|
|Rhyme As Reason Effect||Ambiguity Bias|
To avoid mistakes, we aim to preserve autonomy and group status and avoid irreversible decisions
If we must choose, we tend to choose the option that is perceived as the least risky or that preserves the status quo. Better the devil you know than the devil you do not.