Authority-Misinfluence Tendency Bias
Number 17 Of The 25 Cognitive Biases...
When it comes to authority figures we tend to trust their actions irrespective of our own knowledge.
Examples Of The Authority-Misinfluence Tendency Bias
Living in dominance hierarchies as he does, man was born mostly to follow leaders, with only a few people doing the leading. And so, human society is formaly organized into dominance hierarchies.
In his speech Munger explains "they don’t do this in airplanes, but they’ve done it in simulators. They have the pilot do something where the co-pilot, who’s been trained in simulators a long time — he knows he’s not to allow the plane to crash — 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. 25% of the time the plane crashes."
How To Avoid Falling Victim To The Authority-Misinfluence Tendency Bias
Look at the information and the facts, not the mouth they're coming from.
When asked to do something ask yourself 'why?' to ensure it makes sense before proceeding - don't be the co-pilot that allows the plane to crash.
Want To Know More About Charlie Munger's Cognitive Biases & How To Dominate Life?
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Delay The Instant Gratification
Don’t adopt the epicurean mentality of “eat, drink and be merry for tomorrow we die.”
You must think long term, you must delay the instant gratification we’re so used to experiencing in this life and invest for tomorrow (stoicism).
“Don’t invest in things that’ll rust, rot or depreciate, invest in things that’ll be worth more later or make you be worth more later”.
The information in this book is worth well over $65 if read and implemented, the information on investing and cognitive biases is worth its weight in gold.
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