I mentioned in an earlier post Daniel Kahneman’s excellent book titled “Thinking, Fast and Slow“. As Daniel Engber from the Slate Magazine so eloquently describes, “In the course of 418 pages, Kahneman designates no fewer than three biases (confirmation, hindsight, outcome), 12 effects (halo, framing, Florida, Lady Macbeth, etc.), four fallacies (sunk-cost, narrative, planning, conjunction), six illusions (focusing, control, Moses, validity, skill, truth), two neglects (denominator, duration) and three heuristics (mood, affect, availability)”.

I was intending, initially, to devote some space to elaborating on these biases, effects, fallacies, neglects and heuristics. Having done dome further research I have identified other good resources that have already gone through the process of defining and elaborating on these terms. I would therefore list these links (though some are still WIP) to make it easier for you to do your own reading on the specific terms should you wish to explore this topic further:

The 3 Biases:

  1. The Confirmation Bias
  2. The Hindsight Bias
  3. The Outcome Bias

The 12 Effects:

  1. The Halo Effect
  2. The Framing Effect
  3. The Florida Effect
  4. The Lady Macbeth Effect
  5. The Endowment Effect
  6. The Priming Effect
  7. The ideomotor  Effect
  8. The Mere Exposure Effect
  9. The Anchoring Effect
  10. The Regression Effect
  11. The Above-Average Effect
  12. The Possibility Effect
  13. The Certainty Effect
  14. The Disposition Effect
  15. The Framing Effect

The 4 Fallacies:

  1. The Sunk-Cost Fallacy
  2. The Narrative Fallacy
  3. The Planning Fallacy
  4. The Conjunction Fallacy

The 6 Illusions:

  1. The Focusing Illusion
  2. The Control Illusion
  3. The Moses Illusion
  4. The Validity Illusion
  5. The Skill Illusion
  6. The Truth Illusion

The 2 Neglects:

  1. The Denominator Neglect
  2. The Duration Neglect

The key message for me from reading the book is that if you are a human (and given you’re reading this – you ARE) then you are affected by and subject to the impact of the above Biases, Effects, Fallacies, Illusions and Neglects. Recognising and accepting their existence is the first step in learning to address them both for yourself and more importantly in understanding how other around you behave.

Think about it!

 

 

 

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  23. Thanks for this informative summary. I am presently reading the book and as a risk/fraud management professional, can envision so many applications for these learnings for myself and my clients. The challenge, of course, will be to recognise our biases and then to actually try put them aside to engender genuine rational thinking. Or am I being overconfident now?!

    Reply

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