Humans tend to trust their intuitions over rational calculation. Can artificial intelligence help us overcome cognitive biases? https://t.co/fFCAwItejl ...

📘 Thinking, Fast and Slow by Daniel Kahneman, unveils the hidden biases in decision-making, especially in investing.1️⃣ System 1: Fast, intuitive, but error-prone2️⃣ System 2: Slow, deliberate, rational, yet often bypassed3️⃣ Overconfidence: Investors overestimate their skill, underestimate randomness4️⃣ Anchoring Effect: Initial info disproportionately shapes judgments5️⃣ Loss Aversion: Pain from losses outweighs pleasure from gains, causing irrational choices6️⃣ Availability Heuristic: Decisions based on ...

Cognitive Biases & Decision Making - The discussion highlights the importance of critical thinking and questioning pre-conceived notions, referencing the movie "12 Angry Men" as an example of challenging assumptions [1] - The text introduces the concepts of "soldier" and "scout" mindsets, contrasting the biased, defensive approach of the "soldier" with the truth-seeking, exploratory approach of the "scout" [1] - The text emphasizes the value of adopting a "scout" mindset, characterized by curiosity, open-mindedness, and a willingness to consider alternative perspectives, drawing on the quote from Imam Shafi'i about the possibility of being wrong [1] - The report identifies several cognitive biases that can affect decision-making, including confirmation bias (seeking evidence that supports pre-existing beliefs) [1] - The report identifies several cognitive biases that can affect decision-making, including the halo effect (generalizing based on limited information) [1] - The report identifies several cognitive biases that can affect decision-making, including the swimmer's body illusion (confusing correlation with causation) [1] - The report identifies several cognitive biases that can affect decision-making, including anchoring bias (over-relying on the first piece of information received) [1] - The report identifies several cognitive biases that can affect decision-making, including the bandwagon effect (following the crowd) [1] Debate & Persuasion - The text discusses the challenge of defending a viewpoint one personally disagrees with in competitive debate, arguing that understanding the potential flaws in one's own beliefs strengthens one's position [2] - The text concludes by encouraging individuals to incorporate a "scout" mindset into their decision-making processes, urging them to question their assumptions and seek truth [2]