Category Archives: Cognitive biases and fallacies

The wisdom of the process

(featured image credit: Sarah Slade CC BY) We are often tempted to act impulsively, even though it is not in our interest. Good processes can help us avoid giving in to short-term temptations One of my oldest memories is learning … Continue reading

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Who you (think you) are shapes what you think

(featured image credit: Settergren) We have multiple identities, and see the world accordingly Say you spent your youth in Scotland, but have been living in London for over 20 years. Are you a Scots person living in London, or a … Continue reading

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Find your inner economist

(featured image credit: Ulleo) To make good choices, we have to be able to compare apples and pears Perhaps the most fundamental error that people make when discussing, or thinking about, economics is the belief that, confronted with two or … Continue reading

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Trade-offs, fast and slow

(featured image credit: domeckopol) Our biology determines how we make decisions, but we have a secret weapon Economics and biology are not the most obvious bedfellows. Standard economics has a reputation of assuming agents who have access to all relevant … Continue reading

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The price of attachment

(featured image credit: Les Chatfield CC BY) Value is in the eye of the holder, even more than in the eye of the beholder Something terrible happened to me last weekend. Well, that is what it felt like, anyway. My … Continue reading

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Blinkers and intuitions

(featured image credit: MabelAmber) Our intuition may inadvertently fit us with blinkers If you live in the UK as an expatriate and have a name like mine, you stand out. Yes, you have to learn to live with a wide … Continue reading

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The unequal struggle between facts and conviction

(featured image credit: stevepb/Pixabay) When we argue on the basis of a conviction, we should be seeking to verify our position, rather than to confirm it “When the facts change, I change my mind. What do you do, Sir?” This … Continue reading

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