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Contrast-Misreaction Tendency Bias

Contrast-Misreaction Tendency Bias

contrast-bias

Number 14 Of The 25 Cognitive Biases… 

We’re constantly over-influenced by contrast as we don’t have a baseline.

Examples Of The Contrast-Misreaction Tendency Bias

put one hand in a bucket of hot water and the other hand in a bucket of cold water for a minute.
Immediately remove both hands and place them in a bucket of room temperature water and one hand will still feel hot while the other feels cold – the water is the same temperature however we’re basing the feelings on the contrast of our previous experience (bucket).

We do not have an absolute scale, we only have a contrast scale.

“If you throw a frog into very hot water, the frog will jump out, but if you put the frog in room temperature water and just slowly heat the water up, the frog will die there.”

This ties into contrast, as small change bit by bit can go un-noticed to those (most of us!) that’re not very observant.

When it comes to shopping and sales the over and under inflation of prices is used to influence our decision making (surprise, surprise!)

Our price today is only $49,95, don’t pay $129.95 elsewhere!” <— this is a prime example and I’m sure you’ve seen an advertisement like this online or in the newspaper.

How To Avoid Falling Victim To The Contrast-Misreaction Tendency Bias

Do not compare, instead examine things individually on a case by case basis.
Although this isn’t as efficient you’ll be focused on the one thing or product and will not be able to subconsciously contrast in order to make your decision the way the salesmen wants you to.

Want To Know More About Charlie Munger’s Cognitive Biases & How To Dominate Life? 

Charlie's almanack

I recently purchased Charlie Munger’s flagship book, Poor Charlie’s Almanack – a book filled with hundreds of pages of wisdom from a billionaire and master of mindset and mental frameworks to improve your life..

This book cost me $65 USD. To most this will seem absurd…

“$65 for a book?! What a waste of money”

…these are the same people that spend hundreds of dollars on junk food and alcoholic beverages on Friday and Saturday night.

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.

But remember, It’s the application of knowledge that counts, not just the acquisition (read it and take action!)

Check it out and grab your copy of Poor Charlie’s Almanack here.

Scott J.
Scott J.https://ignorelimits.com
I’m SJ. I’m a fitness enthusiast and published author. I transformed my body from a skinny fat 135lbs with 18% body fat to a solid 192lbs at 8% body fat. I became qualified in a field I was passionate about. I founded several online businesses that allow me to pursue ideas and projects in my life that I am passionate about without having to constantly worry about money. I published several eBooks explaining the training and dieting techniques I used to achieve the body I have today. I learnt a plethora of new information on dieting and fitness by reading and applying what I read, to find out what does work and what doesn’t work, because as I’m sure you’ve noticed the health and fitness industry is full of non-sense claims and BS. I found out what was true and what worked for me and applied that knowledge. And you bet I had fun during the whole process.

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