The Psychology of Human Misjudgement - Charlie Munger Full Speech
https://www.youtube.com/watch?v=pqzcCfUglws
1:20 - book: Influence - Robert Cialdini (same author of “Persuasion”)
“filled a lot of holes in my crude system”
2:50 - 24 standard causes of human misjudgement
2:55
the power of incentives
“man with hammer syndrome” - to the man with a hammer every problem tends to look pretty much like a nail
6:10
simple psychological denial: reality is too painful to bear, so you just distort it until it’s bearable (we all do that at some extent)
that’s one of the psychological misjudgement that causes terrible problems
6:55
agency cost: too trusting advisors who don’t know more than you
tbh I didn’t understand the examples very well (language barrier)
10:20
bias from consistency and commitment tendency (including the tendency to avoid or promptly resolve cognitive dissonance)/ self-confirmation tendency (hard to change your mind once emotionally committed to an idea)
human mind is similar to an human egg. Human egg has a shutoff device so when sperm gets in it shuts down so the next one can’t get in. The human mind has a big tendency of the same sort.
???
12:30
bias from pavlovian association / past correlation for decision making
pavlov biology?
19:50
bias from reciprocation tendency (including the tendency of one on a role to act as other persons expect)
also not sure if I understood the examples (language barrier)