Personal Bias Checklist - Waller’s Reading Room Sunday Reflections
Happy Sunday Reading fam! This newsletter is a little different than my usual. I’m calling this a “Sunday Reflection”. I recently read a book, "Poor Charlie's Almanack" (book summary coming soon), that stressed the importance of using mental checklists to improve decisions making quality. So, I sat down and wrote my own personal checklist for biases I’ve fallen victim to. Some are positive while most are negative. The key is having self-awareness regarding the impact they have on your decision making ability. Here’s my list.
#1 Sunk Cost Bias
Sunk Cost is a cost that has already been incurred and cannot be recovered. People tend to continue on with project or ideas no longer beneficial due to the investments made thus far that cannot be recovered. We should be aware of this bias and always re-evaluate if a pursuit is still worth it, regardless of sunk cost. Oftentimes, the cost of continuing with a failed project is more costly than stopping and trying something new.
#2 MY IDEA Bias
This bias is rooted in egocentrism. The best idea or solution may not be yours. One must objectively evaluate your own idea vs the ideas of the others.
#3 Gender, Sexuality, and Image Bias
We tend to listen or take more seriously the ideas of people who meet the cultural mainstream heavily marketed image. In America, this is generally heterosexual, white, fit, married men or physically attractive, blonde, youthful women. If you don’t fit in those categories, your ideas will likely be challenged more often than those that do fit in that category. We also tend to put more credibility with those that look like us or share the same cultural upbringing. It is a cultural bias we must be cognizant of.
#4 Title/Position Bias
This is a tendency to overly respect the person or leader with highest rank. This is counterproductive particularly when rank has no impact on the value of ideas put forth. However, if the highest ranking person also has the most expertise on the topic, their ideas should likely carry more weight.
#5 Tangible Results Bias
This is a positive bias. I believe we should favorably bias and highly respect the opinion of those who have produced exceptional results in their field. These results may be financial, awards & recognitions, or a excellent reputation amongst the group. Someone with a strong reputation for delivering results should be highly admired and consulted.
#6 Social Proof Bias
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This can be positive or negative. Social Proof is a psychological concept that describes the tendency of people to follow the actions of others when making decisions. However, just because the majority of people choose a particular path, it doesn’t automatically mean that path is the best for YOU. Be skeptical of social proof. What we believe to be social proof is oftentimes just really good marketing. Following the herd can prove helpful or hurtful.
#7 Stress Bias
When stressed, humans tend to take the path of least resistance. The path of least resistance, or the easy way, is often not optimal. Be self-aware of how your stress level impacts decision making. Humans tend to make lower quality decisions as stress level increases.
#8 Simplicity/Elegance Bias
This is another positive bias. In nature and in life, the most effective solution is often simple and elegant. This concept can be witnessed in evolutionary biology, mathematical proofs, physics, and even finance. I believe we should work towards the simplest most effective solution to any issue. Complex solutions tend to have many more unintended consequences.
Everything Should Be Made as Simple as Possible, But Not Simpler - Albert Einstein
#9 Unintended Consequences of Good Intentions Bias
This is a bias towards not evaluating negative consequences of our good intentions. Regardless of how well intentioned a person or solution is, we have a tendency to not evaluate unintended consequences. There’s a reason why they say, “The road to hell is paved with good intentions”. Well intended people are often very passionate and convincing, but one must evaluate ALL the outcomes objectively.
That’s my list for now. What do you think? Did I miss any? Would love your feedback.
Yours Truly,
Omar Waller