Brain Bugs - How we unconsciously shape our own decisions
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© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission. BRAIN BUGS by Todd Moy for Viget Lab Shares on August ,
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Transcript of Brain Bugs - How we unconsciously shape our own decisions
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
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BRAIN BUGS by Todd Moy for Viget Lab Shares on August !", !#$$
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A talk about !"#$%&%'( )*#+ and their e!ect on ,(!%+%"$ -./%$#.
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© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
➡ Decision theory and rationality
➡ Brain bugs (i.e. cognitive biases)
➡ Discussion
TODAY
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
A SUPER BRIEF PRIMER ON DECISION THEORY
DECISIONthe cognitive process for reaching a conclusion.
1(++%-%+& sees the di"culty in every opportunity; an "1&%-%+& sees the opportunity in every di"culty.
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
RATIONALPEOPLE
OPTIMAL DECISIONS
Classical Theories
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
Contemporary Theories
IMPERFECTRATIONALITY
GOOD ENOUGH
SATISFICINGevaluating options based on adequacy rather than maximum benefit.
1(++%-%+& sees the di"culty in every opportunity; an "1&%-%+& sees the opportunity in every di"culty.
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
THREEBRAIN BUGS
COGNITIVE BIASa pattern of judgement that stems from adaptive behavior and/or mental flaw.
1(++%-%+& sees the di"culty in every opportunity; an "1&%-%+& sees the opportunity in every di"culty.
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
STUDY How do we distort information?
WE FAVOR WHAT WE BELIEVEConfirmation • Cognitive Dissonance
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
STUDY
How does “processing ease” a%ect our perception?
“KAR” vs “RDO”
STUDY
How does “processing ease” a%ect our perception?
“KAR” vs “RDO”
WE FAVOR WHAT WE CAN IMAGINEAvailability • Recency • Cognitive fluency
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
STUDY
How do we evaluate options?
+*)+!2%1&%"$ &(+& 1+*)+!2%1&%"$ &(+& 1Online-only $59
Print-only $125
Print and Online $125
STUDY
How do we evaluate options?
+*)+!2%1&%"$ &(+& 1+*)+!2%1&%"$ &(+& 1Online-only $59
Print-only $125
Print and Online $125 84%
16%
STUDY
How do we evaluate options?
+*)+!2%1&%"$ &(+& 2+*)+!2%1&%"$ &(+& 2Online-only $59
Print-only $125
STUDY
How do we evaluate options?
+*)+!2%1&%"$ &(+& 2+*)+!2%1&%"$ &(+& 2Online-only $59
Print-only $125 32%
68%
STUDY
How do we evaluate options?
+*)+!2%1&%"$ &(+& 2+*)+!2%1&%"$ &(+& 2Online-only $59
Print-only $125 32%
68%
+*)+!2%1&%"$ &(+& 1+*)+!2%1&%"$ &(+& 1Online-only $59
Print-only $125
Print and Online $125 84%
16%
WE EVALUATE BY COMPARISONAnchoring • Contrast
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
WHEREUPON WEWRAP THIS UP
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
WHERE DO WE TAKE THIS?
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
➡ Trust no one.
WHERE DO WE TAKE THIS?
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
➡ Trust no one.
➡ Knowing is half the battle.
WHERE DO WE TAKE THIS?
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
➡ Trust no one.
➡ Knowing is half the battle.
➡ Search your feelings.
WHERE DO WE TAKE THIS?
!"#$%&'( %&)#
NOW’S THE TIME AT FLF WHEN WE DANCE
© Viget Labs, LLC • This presentation is CONFIDENTIAL and should not be shared without permission.
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