8 DANGEROUS psychological traps - Art of thinking clearly//Rolf Dobelli

8 Dangerous psychological traps
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[@littlebitbetter7]

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[@jambo_jackbelly]

Sunk cost fallacy in simple terms, don't keep making a bad decision, just because you have spent a long time making it.

[@Droedin]

These are one of those things that you just "know" your whole life, but until someone points them out to you, you never notice them consciously. The last one was most beneficial to me, something I should remember going forward. Thanks for the amazing video, love learning new things :)

[@fineart4621]

Thanks to who ever created this channel I have learnt alot

[@A1eafFa11s_Turtles]

Decision fatigue is especially rough with services that seem mandatory. Student loans, retirement plans, and other services that require time and research to understand the available options can greatly benefit by providing a multitude of options with only minor variations, especially if there’s a time limit to the decision, like with limited-time offers. Buyers end up trusting sales reps’ suggestions just to be done with the process of considerarion.

[@samcarlos1276]

Strange how these things aren't taught to the majority. Thanks for this greatly informative video and the explanations.

[@diyrepair1333]

Your videos are the best! I have been binge watching since i found this chanel a few days ago. Thanks for the work you do!

[@DSR299]

Excellent content! Very useful as well.

[@zaclegend132]

Smashing your videos in my lunch break is sooooo much better than listening to my work mates talk sh@t about each other. Thank you soo much!!!

[@ZambianMedPod]

This is probably now my favorite channel

[@brigitaakelaityte8323]

Thank you sooo much,very nice to know something new

[@Anne-pd2hk]

As a writer, I can tell you that the true stories are the ones people find least believable. Because of that, we have to go through the act of convincing people with more and more details to pile up all the reasons they should believe this really happened.

[@suromachi8202]

i'm always gets something from your video that's why i consume all your video 100% not wasting time

[@ShafiqNazrin]

Your videos are so good at explaining good books

[@tightenupwithTiff]

You have some awesome content on your videos! Thank you!!!

[@brigitaakelaityte8323]

You are amazing,I love it too listen ❤️❤️❤️

[@johnchan9392]

Oh the Sunk Cost Fallacy..... keeps us holding onto losing stocks, hoping for them to get back to even. If they get back to even and we sell, the price skyrockets higher. 🤦🏻‍♂️ 2023 resolution.... putting this on my daily board for reminder. 👍

[@LifeStartsAtrpm-ru1xo]

The price does not always skyrocket after we get to break even. That’s FOMO, another very dangerous trap when investing 😅

[@humanbeing4995]

Isn't money a sunk cost fallacy? I dunno about you but I put a lot of time thinking what one hour of work can buy, or how many hours a large purchase would represent. If I told you it'd take 20 years in hours to build your house it wouldn't seem like a fantastic investment? A simple beverage becomes half an hour of HARD work for most people. I'd say the life we've made up for ourselves is a sunk cost fallacy for the simple fact we've been unwilling to give up a system that existed before the written word could write it into history.

[@humanbeing4995]

Life is like that twilight zone episode where you can totally get some money for pushing a button, while someone you don't know suffers for it. When the button is taken away, it is given to someone else who doesn't know you.

[@fuzzblightyear145]

absolutely. been guilty of this many times. that feeling of "can;t sell it as i'll lose money", and then it keeps on going down, so you lose even more. Now have a rule that if it drops X% then sell it no matter what. (And I really need to clean out my wardrobe...)

[@HostileGingerATL]

You always get your money back. Stocks don’t apply to this. The only time you lose money is when you follow the herd by pulling out when everything’s dropping. This is an opportunity to buy at a discount and come out with exponential growth when it corrects. Don’t panic sell.

[@WrynnCZ]

I feel a little bit better, thank you author of this channel. BIG thanks!

[@chris.asi_romeo]

Great video. 👏💯 Explained well

[@yazeedalahmad1305]

Good job 👏

[@NFSDriver]

you are an inspiration, let me help you improve your math skills. it's 70/7 not 70/7% because that would be 70/0.07. thanks for great videos.

[@kiannahom]

Well presented and Excellent Video. I feel the impact can be greater if you can reduce it to maybe just 4 traps ( make a split ?) and video under 10 minutes. Of course, the 1st two traps need to be included as the 1st two traps.

[@Cacuofa]

“If you chose option A, congratulations!” And it’s the wrong answer jaja! Nice way to start explaining.

[@LifewithFarmerAnn]

Are u jamaican?

[@yazeedalhusban969]

Actually In the first question You will be 10,737,418 dollar. She forgot to add the previous payments

[@katerock5495]

Yeah, I noticed that as well but was too lazy to count what the correct number should be. Well done

[@cosmicalian]

And unless I misheard, dividing 70 by 10% would result in 700; not 7. Still a good video :)

[@KimMorgan-hc3rk]

Bingo! Why? For one, I learned a lot from the video, enjoyed it too; the two animals pulling a cart,whatever, has always intrigued me. Now I know the answer, thanks for everything!

[@martinbabypremium]

I think we are of same wavelength. Nice presentation. Thanks for the KZbin algorithm

[@ianmyles9025]

tremendously informative !

[@dominicsoore8967]

I love it thanks for sharing

[@spikedog123]

I also experience decision fatigue when researching a new gaming laptop to buy 😱

[@steves4533]

I liked this video so I hit the like button.

[@philipbuckley759]

fyi the money symbol comes first....

[@danielmalinen6337]

The sunk cost fallacy is a big problem especially for poor and needy people who live in poverty and I don't know are there any ways, tools or skills here to teach them to get rid of it without cost.

[@3n61n33r]

According to how you read the question regarding the five machines that in five minutes, make five shirts each, means that it takes 100 machines one minute to make 100 shirts, but I was wrong before many times, as unbelievably as it might seem… :) I truly enjoy your videos btw.

[@mosimamatlhwana8327]

You blew my mind

[@philipbuckley759]

the one cent, double every day.....wins out, like big time....

[@ivobiancucci4528]

My debts are experiencing exponetial growth 🤬

[@anthonymcknight410]

Why 70?

[@naylor2000]

Great vy

The option B 📈

[@Letsgrow2024]

rule of 70 or 72? I heard about rule of 72, correct me if I am wrong

[@ketoman78]

Playback speed at 0.5 or 0.75 makes it so much better.

[@J0rd4nBr0]

It's not 5 million it's the sum of all 30 days not just the 30th days total

[@slayboyimk2476]

Sorry, when you did the exponential growth calculations where is 70 coming from? How did you derive 70? and why is it specifically 70 that you used?

[@BrentLast1]

The first question of the "simple logic" was creating deception through fallacy in articulation "if the paddle is $1.05 how much is the ball" would be a lot easier to comprehend and if the question is creating a red flag, that is on the person who's selling is at fault, not the: why am I trying to think harder about this question? Easy answer "no thanks. I'm good." These types of questions are creating problems in similar situations placing false blame on persons misconception of the lack or skewed of information, instead placing blame on the person or "test" who or what is creating the lie or intentional confusion.

[@amandaa3713]

@Brent Manipulatively designed question?

[@BrentLast1]

@@amandaa3713 Indeed

[@Unchartedvlogs]

Can we please update our lingos. Guru = teacher. Don’t make it a taboo word

[@mphocollenmaaboyi4215]

Conjuction Falacy is what is taught at school. Actively encourage

[@fatercoelho7476]

just to point out that the purchase price of a stock DOES play a role in the decision to sell it because we live in a world where there is a little thing called taxes

[@ryanhubbard1756]

I don't understand how she came up with $0.05 for the ping pong ball? The total price for the paddle and ball is $1.10 so, ball would be $0.10. Am i missing something here?

[@isurititta3668]

if ball was $0.10 then paddle being $1 more, it would cost $1.10, then total would be $1.20

[@isurititta3668]

the paddle is $1 "more" than the ball ball = $0.05 paddle = ball +$1 = $0.05 + $1 = $1.05 paddle + ball = $1.05 + $0.05 = $1.10

[@nagisasdangopillow1243]

@Isuri Titta does that mean there is 2 balls?

[@isurititta3668]

@@nagisasdangopillow1243 no.. 1 ball which costs $0.05 and 1 paddle which costs $1.05 add them together and total will be $1.10

[@crgrier]

what throws people is that a ball that costs 0.10 and a paddle which costs 1.00 also totals 1.10. Use Algebra: let B = cost of ball and P = cost of paddle given: P + B = 1.10 (a paddle and ball costs 1.10) given: P = B + 1.00 (the paddle costs 1.00 more than the ball) notice the second equation is already solved for P substitute formula for P into the first equation: (B + 1.00) + B = 1.10 simplify: 2B + 1.00 = 1.10 subtract 1.00 from both sides: 2B = 0.10 divide both sides by 2: B = 0.05 To check, substitute for B in second equation. P = (0.05) + 1.00 P = 1.05 The ball costs 5 cents and the paddle costs 1 dollar and 5 cents. QED

[@obaldius]

Some small details are off and some of these things are plain wrong... of course, zero references... (and if you get 1 cent on the first day 2, 4, 8 ... you end up with 10,737,418.23, not 5 million)

[@johannesjohnjohn8048]

Nice 👍🏼

[@AVAROPENA-wm2co]

It's actually the rule of 72, not 70. Please Bing it and apply it. I use it on a daily basis.

[@fuzzblightyear145]

I thought RULe of 70 was more slightly more accurate, but rule of 72 was just easier to do with mental arithmetic. (not much difference between the two though)

[@chesthar]

And the third option is: don't choose things in a matter of a few seconds, when they are related to money.

[@baris5404]

7% pay rise yearly does not double your salary in 10 years, you need to consider the compound effect. If you start on 100k, then it is 107k and then 1.07*107k=114.49k and so on..

[@Whynosin]

Thumbs up

[@Ajay-pz9ms]

I disagree with the stock market example of the sunken cost fallacy. You shouldn't sell at a loss, you should buy at a discount.

[@user-yl6gp1pj6u]

Yes the videos ive seen so far are for so called normal people which know this but are unable to and surely we're not encouraging no more mother knowing, twin knowing or the when u learn as much as u can u get an idea a sense of truth, no one can stop reactions from there conditioning if that has gotten way in the negative u get mental illness and prisons some people have noone but negativeity sometimes there's only one escape and I suppose its there fault, we do what we have to in desparate times no one can judge, bring back the family unit and community

[@franklynnyein127]

According to the video, Paddle = Ball + $1, If the ball is 10c as you guys said then it would be... Paddle (1$10c) + Ball (10c)= 1$ 20c (The whole bag is $1.10, not $1.20 so it doesn't add up. ) So we can use that "Paddle = Ball + $1" in the calculation as follow Paddle + Ball = $1.10 $1+Ball + Ball = $1.10 (cuz Paddle = Ball + $1) Ball + Ball = $1.10 - $1 Ball + Ball = 10c Ball = 5c This is the easiest way to show a ball cost 5c. I hope you guys get it.

[@militusinnocent9827]

Why was 70 chosen?

[@barefootarts737]

No matter how many ways you say otherwise, some people will take a technical term like Alpha Male and predictably turn it into a value metric.

[@thedoctor0272]

All I know in money is exponential growth is good.

[@thomasnunya1438]

It's 16 times

[@STUDIOS-mt9iz]

17,27 why cents as you are talkinking about time and not about money?

[@loulamperouge2557]

why 70???

[@Calvin5150VH]

Not great advice. Selling a stock that is down can be a very bad idea. There's rotation in stocks, doesn't mean it stays down ( unless you bought at extreme highs).

[@djdigital3806]

Exponential Growth 📈 Function is my favorite 🧮 I’m an Electrical Engineering Technician and understand. My favorite math function is Infinity ♾️

[@MikeMike-ue7vm]

Girl we’re have u been

[@ostentatiousbeats]

50 Cent talks about sunk cost fallacy in his book when he bought Floyd Mayweather's mansion

[@kpapi4355]

First argument is wrong, she didn't add the payouts during the 30 day period for option B 😂

[@oscarwhitehead3546]

Total $1k+$2k... ...+30k is $465k. You're correct, but option b is still way more. :-)

[@zenoofcaledonia2439]

So I should apply sunk cost fallacy to a bad marriage with kids? Or Elon Musk should've applied it when Tesla was struggling? Bad advice.

[@nicolebrewer6189]

One item is 1 dollar more than the other and the total is 1.10 so one item cost 1.05 and the other is 0.05

[@mylesmikieal]

Damn can i change my answer to b?.

[@josephbeenchanged990]

I said 10 cents and 15 mins

[@littlebitbetter7]

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[@ittyfittykelly]

Thank you! I’m loving all these vids!

[@nassports8]

No one is going to tell me this is not Meg Griffin

[@parthapratimlala6751]

hєlpful. ѕhαríng wíth dαughtєr. thαnkѕ.

[@jefferyw4867]

1.10?

[@STUDIOS-mt9iz]

O yes so the answere is 5 minutes and nothing to do with cents .

[@nagisasdangopillow1243]

Hold up I don't understand that ping pong ball one at all, I even paused it and tried reading comments. There's just no way the ball isn't 10c

[@crgrier]

OK, let's check that answer. So, we know that paddle = ball + 1.00. If we put in your answer for the ball, we get paddle = .10 + 1.00 paddle = 1.10 Since a paddle and ball together costs 1.10, we also have paddle + ball = 1.10 paddle + .10 = 1.10 paddle = 1.00 paddle = 1.00 and paddle = 1.10 is a contradiction; i.e. 0.10 is not the correct answer for ball. Let's try the other answer. paddle = ball +1.00 paddle = 0.05 + 1.00. paddle = 1.05 paddle + ball = 1.10 paddle + 0.05 = 1.10 paddle = 1.05 It's the same answer for both conditions. So the paddle costs 1.05 and the ball costs 0.05. See it now?

[@franklynnyein127]

According to the video, Paddle = Ball + $1, If the ball is 10c as you said then it would be... Paddle (1$10c) + Ball (10c)= 1$ 20c (The whole bag is $1.10, not $1.20 so it doesn't add up. ) So we can use that "Paddle = Ball + $1" in the calculation as follow Paddle + Ball = $1.10 $1+Ball + Ball = $1.10 (cuz Paddle = Ball + $1) Ball + Ball = $1.10 - $1 Ball + Ball = 10c Ball = 5c This is the easiest way to show a ball cost 5c. I hope you get it.

[@trinidadsecuritysolutions175]

Your mathematics is incorrect. Take for instance you gave me $0.02 on the second day, on that day I would have $0.03: $0.01 from day on in addition to what you gave me on the second day. I would have gotten wayyyyy more than 5mil

[@Jonaperq]

Nice vid. Bad math.

[@Blah888]

chess story from indian not persian.

[@402varun]

Conjuctive reasoning all over the video.. 😂

[@biscuit4259]

Why 70 not 80?

[@TimothyNyota]

it's 72

[@ariy7712]

@TimothyNyota obsessed with your own channel huh.. 😅😉

[@Chandler890]

How can you drive to construction site when you have 2 flat tires

[@mutumwachaponda2499]

P

[@RayHorn5128088056]

I realized you wanted me to like your video, so I disliked it because I refuse to be manipulated. Nice try.

[@littlebitbetter7]

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[@internetphia]

$1.00, 20 minutes.

[@internetphia]

I knew I was wrong about the ping pong question, but I don't understand the machine question. They must be far more specific. Like, a total of five shirts from all five machines? One shirt per machine? Or is it five shirts PER machine? I interpreted it as the latter.

[@crgrier]

@@internetphia Let's forget about the 5 minutes for a second and just call it T. If five machines makes five shirts in T time, then one machine makes one shirt in T time. The time it takes each machine to make a shirt didn't change. Therefore the number of shirts you make in T time is the same as the number of machines. 5 machines makes 5 shirts and 100 machines makes 100 shirts and T is still five minutes. Another example: Nine pregnant women take nine months to make nine babies. How long will it take 100 pregnant women to make 100 babies? Still nine months. If it were 100 months, they would be pregnant for over 8 years and we know that's not how it works.

[@steb430]

The World is going down the toilet because most people do 8.

[@y2ksw1]

Your gorilla just passed. No like to you, sorry. A rare dislike instead!