Jeff is lazy, intelligent and charming.
Marc is charming intelligent and lazy.
Your brain most likely will have a more positive impression of Marc than of Jeff, despite both being described with the exact same attributes.
Or what about this one:
Pay 20 dollars. Then you get to flip a coin. If it lands on heads you gain 100 dollars. If it lands on tails you get nothing.
You get to flip a coin. If it lands on heads you gain 80 dollars. If it lands on tails you have to pay 20 dollars.
People will generally consider the first one to be better, because they could “win” more in the second step and “loose” nothing. The second one will probably be more averted because loosing could be “punished”.
If you think slow about it and run the math, both set ups have the same probabilities with the same earnings or losses.
I highly recommend the book “thinking fast, thinking slow” that deals a lot with these biases.
The first attribute in the list sets the framing.
Another example is:
Jeff is lazy, intelligent and charming.
Marc is charming intelligent and lazy.
Your brain most likely will have a more positive impression of Marc than of Jeff, despite both being described with the exact same attributes.
Or what about this one:
Pay 20 dollars. Then you get to flip a coin. If it lands on heads you gain 100 dollars. If it lands on tails you get nothing.
You get to flip a coin. If it lands on heads you gain 80 dollars. If it lands on tails you have to pay 20 dollars.
People will generally consider the first one to be better, because they could “win” more in the second step and “loose” nothing. The second one will probably be more averted because loosing could be “punished”.
If you think slow about it and run the math, both set ups have the same probabilities with the same earnings or losses.
I highly recommend the book “thinking fast, thinking slow” that deals a lot with these biases.
I was so confused about the coin flipping thing until I realized I was skipping “pay 20 dollars” as the start of the first scenario.
I guess you meant Thinking, Fast and Slow by Daniel Kahneman. But thank you for the book recommendation. I have added it to my reading list.
That is the correct title. Thank you.