Story

How do you propose to divide?

How do you propose to divide?

Your professor has invited you and your friend for a Pizza. This Pizza consists of twelve slices.
The professor announces that you will get four slices and your friend will get two slices.
He further tells that you and your friend can have the full pizza if you both agree on how to divide it up. If you fail to agree, then you both will still get six slices as mentioned above.
Your professor awaits your proposed ratio and the rationale. Go ahead and claim the full Pizza.
Photo Credits: Pixabay / pizza-italian-food-appetite-baked-1239077
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The mistakes we make in our everyday life

• We are hardwired to make these mistakes • Few biases are simply evolutionary • These errors affect all of us including the bright ones • Experience is just not enough to overcome • but expertise is required to recognize and overcome

Few of biases as below · Anchoring - When an individual depends too heavily on an initial piece of information during decision making · Fixed pie - When we assume that our interests conflict with the other party's interests and we play adversarial · Framing - When we decide on our options differently when the options are presented with positive or negative connotations · Vividness – When we pay attention to strong features at the expense of less, that could be more impactful · Over confidence – When our subjective confidence is greater than the objective accuracy · Escalation – When initial decision is followed up with an irrational decision to justify the initial decision

Few ways to mitigate these biases are · Learn to recognize the bias · Use slow, effortful and logical thinking (System 2) · Avoid fast, automatic and effortless thinking (System 1) · Avoid negotiations which are thrust upon when not ready · Learn through use of stories, examples, exercises · Bring an outsider perspective