Member-only story

Choices, Values, and Frames: Exploring the Cognitive Biases That Shape Our Decisions

Martin Cox

·9.7k Followers· Follow

Published in Choices Values And Frames Daniel Kahneman

4 min read

276 View Claps

32 Respond

Save

Listen

In his landmark book, Thinking, Fast and Slow, Nobel laureate Daniel Kahneman argues that our decisions are often shaped by cognitive biases that can lead us to make irrational choices.

Choices, Values, and Frames

by Daniel Kahneman

4.3 out of 5

Language	:	English
File size	:	12358 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	868 pages

Kahneman identifies three main cognitive biases that can influence our choices:

The availability bias: We tend to overestimate the likelihood of events that are easily recalled to mind, and underestimate the likelihood of events that are difficult to recall. This can lead us to make decisions based on incomplete or inaccurate information.
The anchoring bias: We tend to be influenced by the first piece of information we receive about a topic, and are reluctant to adjust our beliefs even when new evidence is presented. This can lead us to make decisions that are based on outdated or irrelevant information.
The framing effect: We tend to make different decisions depending on how choices are presented to us. For example, we may be more likely to choose a treatment option that is presented as having a 90% success rate than one that is presented as having a 10% failure rate, even though the two options are statistically identical.

These cognitive biases can have a significant impact on our decisions, both big and small. For example, the availability bias can lead us to overestimate the risk of rare events, such as plane crashes or terrorist attacks, which can lead us to make decisions that are unnecessarily cautious. The anchoring bias can lead us to stick with the status quo, even when there are better options available, and the framing effect can lead us to make decisions that are not in our best interests.

Kahneman's research on cognitive biases has important implications for public policy and decision-making. By understanding how cognitive biases can influence our choices, we can take steps to mitigate their effects and make more rational decisions.

How Cognitive Biases Can Be Mitigated

There are a number of things that can be done to mitigate the effects of cognitive biases. These include:

Slowing down and thinking carefully about our decisions. The more time we take to make a decision, the more likely we are to avoid being influenced by cognitive biases.
Seeking out multiple sources of information. This will help us to avoid being anchored by the first piece of information we receive, and will give us a more complete understanding of the issue.
Asking ourselves how we would make the decision if we were in a different frame of mind. This can help us to identify and avoid the effects of the framing effect.

By following these tips, we can improve our decision-making and avoid being misled by cognitive biases.

Cognitive biases are a powerful force that can influence our decisions, both big and small. By understanding how cognitive biases work, we can take steps to mitigate their effects and make more rational decisions.

Choices, Values, and Frames

by Daniel Kahneman

4.3 out of 5