BrainCraft: This One Thing Ruins Your Decisions

Teacher or professor: BrainCraft
Subject: Science
Content of the Lesson: Get the first 31 days of Curiosity Stream free at https://curiositystream.com/braincraft (and use the code "braincraft") 🧠 I'M DOING A LIVE SHOW IN NYC 👉 https://www.caveat.nyc/event/drink-and-learn-wvanessa-hill-from-braincraft--9-21-2019 MY PATREON: https://www.patreon.com/BrainCraft And please consider SUBSCRIBING to BrainCraft http://ow.ly/rt5IE (and ring that bell 🧠) My Instagram https://instagram.com/nessyhill | Twitter https://twitter.com/nessyhill 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: http://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


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