What are cognitive biases and heuristics? Knowing what cognitive biases and heuristics are, is the basis for making good decisions. Unfortunately, not everyone knows what these terms mean, so let's fix that. A cognitive bias is a systematic error in reasoning that happens when people process and interpret information in the world, and these errors affect [...]
Mindfulness is a state of consciousness when we concentrate on awareness of the present moment. We are attentive to our thoughts and emotions without any judgment we acknowledge and accept them. Mindfulness meditation originates in Buddhist vipassanā meditation, which teaches people to be mindful. This meditation might have several forms, however, the basis is the same: [...]
We make thousands of decisions every day. Why should we know more about psychology behind decision making?
We make thousands of decisions every day. However, how many of you have actually taken classes in decision making? What do you know about the process of making decisions? Why should we know more about decision making psychology? We are surrounded with choices. Our alarm clock rings in the morning and we already must make our [...]
Richard Thaler, an American economist at the University of Chicago, received Nobel Memorial Prize in Economic Sciences in 2017 for his contribution to behavioral economics. He examines why people don’t always make rational decisions as economic theories often assume. He also pays attention to notions of fairness and lack of self-control. His findings have influenced the [...]