How Cognitive Biases Work

The podcast explores cognitive biases, explaining how these unconscious mental shortcuts influence decision-making and lead to predictably irrational behavior. It introduces the work of Amos Tversky and Daniel Kahneman, whose heuristics and biases program revealed the existence of two systems of thought: a fast, unconscious system and a slower, more deliberate one. The hosts discuss specific biases such as hindsight bias, self-serving bias, anchoring bias, and confirmation bias, illustrating how they manifest in everyday situations like hiring processes or interpreting news. The conversation also covers behavioral economics, including prospect theory and loss aversion, and touches on the impact of cognitive biases in fields like medicine and forensic science. The hosts conclude by offering tips for recognizing and mitigating these biases, such as delaying decisions and cultivating a growth mindset.