Strategy / Decision-making / Thinking

Strategy / Decision-making / Thinking

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  • 1995 - Charlie Munger - The Psychology of Human Misjudgment

    • Later, updated version: Charlie Munger - The Psychology of Human Misjudgement

    • TODO: Summarize his explanations and examples.

    • List of the common causes of human misjudgment:

      • Under-recognition of the power of what psychologists call “reinforcement” and economists call “incentives” / Reward and punishment superresponse tendency

      • Simple psychological denial

      • Incentive-cause bias

      • Bias from consistency and commitment tendency

      • Bias from Pavlovian association

      • Bias from reciprocation tendency

      • Bias from over-influence by social proof

      • Better to be roughly right than precisely wrong

      • Bias from contrast-caused distortions of sensation, perception and cognition

      • Bias from over-influence by authority

      • Bias from deprival super-reaction syndrome

      • Bias from envy/jealousy

      • Bias from chemical dependency

      • Bias from mis-gambling compulsion

      • Bias from liking distortion

      • Bias from the non-mathematical nature of the human brain

      • Bias from over-influence by extra-vivid evidence

      • Mental confusion caused by information not arrayed in the mind

      • Other normal limitations of sensation, memory, cognition and knowledge

      • Stress-induced mental changes

      • Other common mental illnesses and declines

      • Mental and organizational confusion from say-something syndrome

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