Heuristics Vs. Biases: How Do They Affect Your Decision-making? Video
Listen to my new podcasts: https://podcasts.apple.com/nz/podcast/r3ciprocity-podcast/id1588972364
I discuss the difference between a heuristic and a bias in decision-making. A heuristic is a cognitive shortcut that allows you to make faster rough decisions that are often “good enough.” A bias in decision-making occurs when the choices you make systematically differs from the optimal choice.
A heuristic can result in a bias in decision-making if the heuristic is inaccurate or poorly matches the environment. A heuristic is likely to be in accurate when you have a poor mental model, or an involved in such a way that you poorly understood the environment.
The most likely reason why heuristics are inaccurate is because the environment changed, and you’re trying to apply an old heuristic to a new environment. This can occur when technologies change, or consumer preferences change.
Heuristics can be quite accurate if you calibrate be heuristic from time to time. The bias often results because we do not calibrate or update our mental models on a regular basis. If you want to increase the accuracy of your heuristics in decision-making, keep an open mind, and continuously test any assumptions that you hold. Essentially the key way to improve decision making heuristics and to remove any decision-making biases is it to continuously learn over time.
Check out:
What Is A Heuristic In Psychology? - Nerd-Out Wednesdays
https://youtu.be/hJY_hfKGtOs
Anchoring And Adjustment Heuristic: Why Is Anchoring Important To Managers? - Nerd-out Wednesdays
https://youtu.be/fukygd_z158
What Is the Availability Bias?: The Availability Heuristic In Everyday Life - Nerd-Out Wednesdays
https://youtu.be/vLGOtMAdmPY
What Is A Confirmation Bias? Confirmation Biases - Nerd-Out Wednesday
https://youtu.be/72PnUjoSNKY
How To Write A Research Question - Nerd-Out Wednesdays
https://youtu.be/TQF7H0sEDcA
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David Maslach is a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.
r3ciprocity.com: Peer proofreading and editing platform
A new platform where you can earn credits by editing other people's documents. Use these credits to have your own work edited. If you do a good enough job, you can convert these credits to money.
The goal of the platform is to get people to 'pay it forward' and help other people out by creating incentives for people to give back.
Check out https://www.r3ciprocity.com
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About the Site 🌐
This site provides links to random videos hosted at YouTube, with the emphasis on random. 🎥
Origins of the Idea 🌱
The original idea for this site stemmed from the need to benchmark the popularity of a video against the general population of YouTube videos. 🧠
Challenges Faced 🤔
Obtaining a large sample of videos was crucial for accurate ranking, but YouTube lacks a direct method to gather random video IDs.
Even searching for random strings on YouTube doesn't yield truly random results, complicating the process further. 🔍
Creating Truly Random Links 🛠️
The YouTube API offers additional functions enabling the discovery of more random videos. Through inventive techniques and a touch of space-time manipulation, we've achieved a process yielding nearly 100% random links to YouTube videos.
About YouTube 📺
YouTube, an American video-sharing website based in San Bruno, California, offers a diverse range of user-generated and corporate media content. 🌟
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Users can upload, view, rate, share, and comment on videos, with content spanning video clips, music videos, live streams, and more.
While most content is uploaded by individuals, media corporations like CBS and the BBC also contribute. Unregistered users can watch videos, while registered users enjoy additional privileges such as uploading unlimited videos and adding comments.
Monetization and Impact 🤑
YouTube and creators earn revenue through Google AdSense, with most videos free to view. Premium channels and subscription services like YouTube Music and YouTube Premium offer ad-free streaming.
As of February 2017, over 400 hours of content were uploaded to YouTube every minute, with the site ranking as the second-most popular globally. By May 2019, this figure exceeded 500 hours per minute. 📈
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