Question

Please identify a situation in which someone else (in your own life, in the news, or in history) has been impacted by thinking traps when making a decision. In what way have historical anchors played a role in the example that you provided, if at all? why According to Campbell, Whitehead and Finkelstein, why does the way our brains work lead to poor decisions? In what ways do these processes relate to traps?  

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Answer 1

The various thinking traps, that can influence a decision are:

• Harsh Critic
• Worst case scenario
• It’s all my fault
• Black and white thinking
• Jumping to conclusions

These thinking traps often lead the decision to a biased and unfruitful ending. Individuals must try to think comprehensively and consider all facts and dimensions, before making a decision.

A simple example of thinking trap is as follows: I was planning to invest in shares. One of my friends shared his experience of investing in the same. He had faced huge losses and all his assets had got over in paying the debts. Listening to his experiences, I started considering the worst case scenario of how bad that investment can get. I thought about facing huge financial losses and ending up selling my car and house. This led me to jump to conclusion that I will never ever invest in risky investment options like shares.

I completely ignored the fact that there were various factors which could have led to the plight which my friend faced:

• Market conditions could have been volatile
• He could have invested in risky shares
• His portfolio was not versatile
• He did not take right decision of disposing the shares when the market started fluctuating

From this incident, I learned that we need to consider all facts and figures before jumping to conclusions and taking a decision. Now on, I verify all the facts and figures, examine all the probable factors and their effects on the decision and then come to a logical conclusion to take a decision.

https://www.anxietycanada.com/parents/new-moms/thinking-flexibly/recognize-thinking-traps