The Decoy Effect: A Hidden Force Behind Our Choices
Some suggest we make an astonishing 35,000 decisions each day—ranging from small, unconscious choices like what to wear, to bigger ones like which product to buy or service to choose. While I have my doubts about that number (you can read more about it here), it’s clear that decision-making is a huge part of our […]
Best Behavioral Economics Books {2024 List}
As a humble digital marketer and online business broker, I’ve had the privilege of delving into the fascinating world of behavioral economics. This multidisciplinary field, merging psychology and economics, has profoundly shaped my understanding of decision-making in both the online business landscape and everyday life. In this curated list, I invite you to join me […]
Navigating the Disposition Effect: A Lighthearted Guide for Wise Investors
What is the Disposition Effect? The Disposition Effect is an investment anomaly discovered by economists Hersh Shefrin and Meir Statman in 1985. It describes the tendency where investors are quick to sell assets that have increased in value while holding onto assets that have dropped in value. Why? Because selling a winner feels like celebrating […]
How Many Decisions Do We Make Each Day?
Have you ever wondered how many decisions you make every day? Think about it, from the moment you wake up you HAVE to decide – what to wear, what to eat, what to say, what to text, and even who to vote for. The power of decision-making is a well-researched topic, but surprisingly, if you […]
The Best behavioral economics blogs you should check
Behavioral Economics is a fascinating field that combines insights from psychology, judgment, decision-making, and economics to generate a more accurate understanding of human behavior. It provides us with the tools to understand how people make decisions and how these decisions impact the economy. If you’re interested in exploring this intriguing blend of psychology and economics, […]
book review “Thinking, Fast and Slow” by Daniel Kahneman
Image Source: Unsplash Daniel Kahneman, a renowned psychologist and Nobel Laureate, offers an insightful exploration into the intricacies of our mind and decision-making processes in his magnum opus, “Thinking, Fast and Slow”. Drawing from decades of pioneering research, Kahneman presents a compelling narrative that unravels the dual systems of our mind, their interplay, and the […]
Book Review: Predictably Irrational – Dan Ariely
Image Source: Unsplash Introduction In the realm of decision-making and behavioral economics, few books have made as much of an impact as ‘Predictably Irrational’ by Dan Ariely. Published in 2008, this ground-breaking work has reshaped our understanding of human behavior, challenging the assumption that we are rational beings who always make decisions based on our […]
best decision-making books
Image Source: Unsplash In the realm of cognitive psychology and business, understanding the mechanics of decision-making is crucial. By refining this skill, we can make better choices that influence our personal and professional lives in positive ways. This article is a compilation of the best decision-making books that offer valuable insights into the process of […]
The Levels of Processing Effect
The Levels of Processing Effect is a fundamental theory in cognitive psychology that focuses on the importance of encoding information for better memory retention. Developed by Fergus I.M. Craik and Robert S. Lockhart in their 1972 paper, this theory posits that the deeper the level of processing during encoding, the more effectively information is stored […]
The Planning Fallacy: Understanding and Overcoming This Cognitive Bias
In today’s fast-paced, competitive world, businesses and individuals alike often find themselves striving to achieve their goals in the shortest amount of time possible. This drive for efficiency and success can sometimes lead to overly optimistic predictions and plans that don’t pan out. The planning fallacy, a cognitive bias that causes people to underestimate the […]