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Tag: Avoiding cognitive biases

Historical Wisdom: Understanding the Mental Trap and Avoiding Irrational Decisions

Post author By Patrick
Post date June 16, 2023
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Introduction In the vast landscape of decision-making, our minds are often influenced by various cognitive biases and mental traps. One such pervasive cognitive bias is the Historical Wisdom mental model. Historical Wisdom refers to the tendency to rely excessively on past experiences, conventional knowledge, and societal norms when making decisions, rather than thoroughly evaluating the […]

Tags anchoring bias, Availability Heuristic, Avoiding cognitive biases, Business Scenarios, Cognitive Biases, confirmation bias, Decision-Making, decision-making frameworks, historical wisdom, Human Psychology, Irrational Decisions, mental traps, Personal Life Decisions, Public Policy Making, Status Quo Bias

Learnings Mental Models

The Ratchet Effect: How Our Minds Fall Prey to the Irrational

Post author By Patrick
Post date June 8, 2023
No Comments on The Ratchet Effect: How Our Minds Fall Prey to the Irrational

Introduction In the vast landscape of human decision-making, our minds are subject to various biases and cognitive traps that can lead us astray from rational thinking. One such mental model is the Ratchet Effect, a phenomenon rooted in human psychology that affects our day-to-day lives, personal decisions, business strategies, and even public policy-making. Understanding the […]