In this strategy speech by Dan Gilbert, he discusses how one can precisely estimate the outcome of certain situations and decisions based on odds and values of gain. The problem however, is that people tend to have a hard time estimating those quantities, which is why people end up making bad decisions.
Gilbert explains how there are two precise problems when it comes to individuals making decisions. The first one is that people make errors when it comes to estimating their odds in success. Secondly, errors happen when individuals try to estimate their own value. This strategy speech mentions how the ability and success of solving problems and making decisions depends largely upon how quick and easily individuals can understand these puzzles.
The difficulty that exists in estimating these odds and values is one of the reasons why society as a whole tends to lose instead of gain.
Reasons Behind Bad Decisions
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