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Posts Tagged ‘Knowledge’

Don’t Let Your Anchor Control Your Shopping: The Anchoring Bias

November 23rd, 2020 No comments

Imagine walking into a clothing store before the holidays. You are on the lookout for a long-sleeved shirt to wear to a dinner party next week but do not have much time due to a haircut appointment in half an hour. While driving there you thought this would be a fairly quick and easy task, but now, while wedged between a mother and daughter, you are repeatedly asking yourself why you didn’t just buy something online. You don’t

Clothing rack during the holidays.

have time for this! Once you finally locate the long-sleeved clothing rack and maneuver through all of the people, you find the perfect black long-sleeved shirt. You hold up the shirt to get a better look and glance down at the price tag. The first two numbers on the price tag are two and nine which are followed by two small nine’s, but you only fixate on the first two and nine. You decide that $29 is too expensive which is fine because the material seems like it would be itchy anyway. As you are putting the shirt back, you notice a big red sign above the clothing rack. The sign reads “50% off” in the middle with sixty dollars crossed out on the top followed by the new price of 29.99 dollars on the bottom. You freak out while thinking to yourself: “it used to be 60 dollars! I must get this!” It becomes a no-brainer and you immediately walk towards the cash register completely forgetting about the possibility of the material being terribly itchy. 

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Handwashing, Heliocentrism, and Global Warming: To Reject or Accept?

April 17th, 2017 4 comments

How often do you wash your hands? The Center for Disease Control recommends hand washing in numerous scenarios, such as before, during, and after preparing food, before and after tending to someone who is sick, before and after treating a wound, after going to the bathroom, after touching animals, and the list goes on. Now I know it might seem a little ridiculous to wash your hands as often as it is recommended, but I am crossing my fingers that you at least understand why it is necessary. One of the first things we teach our children is to always wash their hands, and how to do so effectively (such as washing for the duration of “Row, Row, Row Your Boat”… twice). If you don’t believe me when I say hand washing is deep-seated in our modern society, just look at the 3.1 billion dollar market for hand soaps (Nielsen 2016). I, for one, certainly get overwhelmed when I walk down the aisle at my local Target and have to choose between the exhaustive collection of soaps with which I can lather up. And if I don’t find any soap I like then I can make my way over to the various types of hand sanitizers nearby. We can credit Ignaz Semmelweis and his microbial discoveries for the normalization of hand washing in our culture, but can you imagine a world where we didn’t wash our hands? And even stranger – can you imagine rejecting the science behind it? 
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I knew it! The effect of hindsight bias and why you probably did not actually know it.

April 16th, 2017 1 comment

There is a cold crispness to the air, but the sun in the cloudless sky gives you the little bit of warmth you need to feel comfortable. It is an early November day, and it is time for the U-12 soccer championship. Maybe you are a player, a parent, a friend, even a referee here today. There are four teams here with the same goal in mind, to win all their games so that they get crowned champion. The Cheshire Rams are the ones you are hoping to win today. You do not know how the day is going to go because all of the teams here have had great records this season and are all very competitive for the title. Hours later, the Cheshire Rams have done it. They are champions! You are in the car riding back, and all you can think to yourself is “wow, I knew it would happen!”

http://articles.chicagotribune.com/2013-06-26/news/ct-x-0626-keilman-column-20130626_1_more-kids-score-childhood-obesity

 

What is Hindsight Bias?

Did you actually know that the outcome would happen as it did? The truth is, most likely not. Read more…