#99 Hal Arkes: Biases, Heuritics, and Decision-Making

------------------Support the channel------------ Patreon: https://www.patreon.com/thedissenter PayPal: paypal.me/thedissenter ------------------Follow me on--------------------- Facebook: https://www.facebook.com/thedissenteryt/ Twitter: https://twitter.com/TheDissenterYT Dr. Hal Arkes is Emeritus Professor of Psychology at Ohio State University. His research focuses primarily on areas like judgement/decision-making, medical decision-making, and economic decision making. He’s received several honors and awards over the years, such as President of the Society for Judgment and Decision Making (1996-1997); Elected "Fellow" of the American Psychological Society in 1997; College of Arts & Sciences Outstanding Teacher Award (Ohio University) in 1987; and Provost's Teaching Recognition Award (Ohio University) in 1989 and 1990. In this episode, we talk about some of the main cognitive biases and heuristics (mental short-cuts) that affect decision-making, and particularly when applied to experts and professionals. Topics include: how everyone falls for biases; the bias blind spot; the hindsight bias; the outcome bias; being overconfident; situations where nonexperts perform better than experts; the familiarity effect; the availability heuristic; the sunk cost fallacy; and how to help people and experts make better decisions. Time Links: 00:59 Experts also fall for biases and heuristics 04:26 The bias blind spot, or thinking that you’re immune to your own biases          05:44 The hindsight bias     08:27 The outcome bias   10:07 About Overconfidence    12:29 When do nonexperts outperform experts?      14:15 The familiarity effect  15:37 The availability heuristic 17:19 The sunk cost fallacy 20:50 How to group biases and heuristics 23:51 How to help people make better decisions 30:49 Follow Dr. Arkes’ work! -- Follow Dr. Arkes’ work: Faculty page: https://psychology.osu.edu/people/arkes.1 Articles on Researchgate: https://www.researchgate.net/profile/Hal_Arkes -- A HUGE THANK YOU TO MY PATRONS: KARIN LIETZCKE, ANN BLANCHETTE, JUNOS, SCIMED, PER HELGE HAAKSTD LARSEN, LAU GUERREIRO, RUI BELEZA, MIGUEL ESTRADA, ANTÓNIO CUNHA, CHANTEL GELINAS, JIM FRANK, JERRY MULLER, FRANCIS FORD, AND HANS FREDRIK SUNDE! I also leave you with the link to a recent montage video I did with the interviews I have released until the end of June 2018: https://youtu.be/efdb18WdZUo And check out my playlists on: PSYCHOLOGY: https://tinyurl.com/ybalf8km PHILOSOPHY: https://tinyurl.com/yb6a7d3p ANTHROPOLOGY: https://tinyurl.com/y8b42r7g