Bias from over-influence by authority
This is very common in most of today’s firms.
“They don’t do this in airplanes, but they’ve done it in simulators, Munger said. They have the pilot to do something where an idiot co-pilot would know the plane was going to crash, but the pilot’s doing it, and the co-pilot is sitting there, and the pilot is the authority figure. Twenty-five percent of the time, the plane crashes. I mean this is a very powerful psychological tendency.”
Liking/Loving Tendency
We ignore the faults of people, companies and products we like.
a newly arrived human is born to like and love, and the strongest inborn tendency to love is that of a mother for its child, says Munger.
Liking/Loving tendency makes us to distort facts while complying with wishes of the object of our affection.
Availability-Misweighing Tendency
We tend to overweight what is easily available to us while blocking ourselves from recognizing other things . Human brain only drifts and works on what it’s only allowed to recognize.
Envy/Jealously Tendency
“it is not greed that drives the world, but envy” – Warren Buffet
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5 Disadvantages of Being Highly Intelligent
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Munger says he’s surprised that jealousy isn’t mentioned in most psychology survey courses. Jealousy rises from the need to get scarce things, but more dreadful when the things are in possession of another member of the same species.
Tendency is a huge topic and you have covered it almost in this article. Thanks for sharing.
You are welcome..and thanks for reading.