It is important to note – not all biases are irrational. Indeed biases may be completely rational yet still produce thinking errors and undesirable outcomes.
“A cognitive bias is a genuine deficiency or limitation in our thinking – a flaw in judgment that arises from errors of memory, social attribution and miscalculations (such as statistical errors or a false sense of probability).” ~ George Dvorsky
I suppose it is possible, after reviewing the list of biases that I have flagged (Part Two of this series, "The Ironic Magnitude of Cognitive Biases") as most likely (and perhaps) even after my reference in that post to there being about 150 identified cognitive biases, that someone should conclude it’s not that much to worry about.
Just to compound the situation of thinking errors still further: the more time you spend making decisions (including trying to avoid the hundreds of “traps” that are out there) the lower your overall willpower will be.
Now I’m not suggesting that this is some new idea I came up with. I don’t see this as the start of a new conversation. I am jumping into an existing dialogue with the hope of providing context, structure and experience to expand the dialogue.
A recently released report revealed that many people on Wall St. “continue to believe that engaging in illegal or unethical activity is part and parcel of succeeding in this highly competitive field.
First let me establish a fundamental – business is about relationships and relationships are nurtured in their environment! Your ability to communicate, your reciprocal sense of trust, your ability to make decisions on imperfect information – is heavily influenced by your environment.
Now that the Floyd Mayweather vs. Manny Pacquiao boxing fiasco is behind us, let’s chat about the real “Fight of the Century” better known as Silicon vs. Carbon.