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Tag: affect heuristic

Pascal’s Wager: Navigating the Pitfalls of Decision-Making

Post author By Patrick
Post date June 16, 2023
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Introduction In the realm of decision-making, Pascal’s Wager presents an intriguing mental model. It involves making choices based on potential rewards and punishments, particularly in matters of faith or belief. Anchored in human psychology, Pascal’s Wager finds prevalence in our day-to-day lives, often leading individuals or groups to make irrational decisions contrary to their best […]

Tags affect heuristic, Availability Heuristic, biases in decision-making, Cognitive Biases, confirmation bias, critical thinking, Decision-Making, evidence-based decision-making, mental models, Pascal's Wager, rationality

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Okrent’s Law: Unveiling the Pitfalls of Irrational Decision-Making

Post author By Patrick
Post date June 15, 2023
No Comments on Okrent’s Law: Unveiling the Pitfalls of Irrational Decision-Making

Introduction In the realm of decision-making, we often rely on mental models—cognitive frameworks that help us understand and interpret information. One such mental model, known as Okrent’s Law, sheds light on the irrational tendencies that can plague our choices. Coined by Daniel Okrent, the law captures the common occurrence of individuals or groups making decisions […]

Tags affect heuristic, availability bias, Business Scenarios, Cognitive Biases, confirmation bias, critical thinking, Decision-Making, decision-making frameworks, diverse inputs, heuristics, Human Psychology, irrationality, mental models, Okrent's Law, personal decisions, Public Policy Making, social proof, sunk cost fallacy.