Recency bias is a cognitive based bias that gives more meaning to the most recent events that have happened versus older and more distant ones. It is a type of memory bias giving the most weight and importance to things more easily remembered due to the short time frame from occurrence. This can be seen […]
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A cognitive bias is a mental pattern that breaks from logic, reason, and the ability to rationally judge something through the filter of facts and reality. It is when an individual’s thinking is so clouded by their own subjective reality, memories, and experience that they are unable to interpret new information correctly. A cognitive bias
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Mental models are used as frameworks and filters and a way to think about the world and make the right decisions based on principles. Mental models are not always correct but they can raise your probability of having success with how you think and the decisions you make based on robust principles. Jeff Bezos used
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Mental models are tools used to explain the process and theory a person uses to understand how something works in the real world. It represents a system of principles that tries to explain the interrelated cause and effect of actions and results. A mental model represents the relation between intuition and reality and beliefs about
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There are two different methods for reasoning, inductive and deductive. While deductive reasoning looks for certainties, inductive reasoning is used when a circumstance is seen as supplying evidence that a conclusion could be true. The belief in a conclusion based on inductive reasoning is highly probable and based on evidence that can be seen and
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A mental model is an explanation of someone’s thought process about how something works in the real world. It is a representation of the surrounding world, the relationships between its various parts and a person’s intuitive perception about his or her own acts and their consequences. – Wikipedia Backtesting uses the scientific method to determine
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