“50 Cognitive Biases” for the young: Elon Musk

January 04, 2022 07:56 PM AEDT | By Aditi Saha
Follow us on Google News:

What is a mind? Scientists are still working to decipher the enigma of the human conscious and subconscious mind.

Suppose you ask what the most intricate organ of the human body is. In that case, it is without a doubt the human brain, which can transform the impossible into the feasible if it is thoroughly utilised.

The human brain's functioning significantly impacts one's success or failure. Elon Musk, the world's most notable tech genius and TIME's Person of the Year 2021, has revealed several facts about how the human mind works to make your route to success easier if you overcome your mind.

Musk can undoubtedly do the seemingly impossible in terms of invention and engineering, given his deep belief in "first principles thinking." First-principles thinking is regarded as the first step in critical thinking. It is a method of solving problems by first recognising what you believe to be true (subjective reality) and then using reasoning processes to determine what is true by nature (objective reality).

To deal with your emotions, thoughts, and judgement, let's examine the brain's many inherent biases and bugs with Elon Musk.

Recent Article: What is Elon Musk's plan for paying A$11 billion in taxes?

What are the "50 Cognitive Biases" proposed by Elon Musk?

Elon Musk, the business tycoon, is known for doing things out of the ordinary. This time, he put business, technology, and cryptocurrency aside and presented some facts to help students have better lives in the future.

Musk recently posted a list of "50 Cognitive Biases" that people should be aware of to be their best self from an early age. A cognitive bias is a systematic thinking error that develops when people evaluate and process information in their surroundings. Furthermore, it influences an individual’s judgements and decisions. The human brain is extremely powerful, yet it also has limitations.

Take a look at "50 Cognitive Biases" by musk.

  1. Foundational Attribution Error- We make snap judgments about people based on their personality or fundamental character. On the other hand, we have a different picture of ourselves and assess ourselves based on the situation. 

Someone else's tardiness, for example, is due to their laziness. But when you're late, it's not your fault; it's the traffic's fault.

  1. Self-Serving Bias- Attributing all of your accomplishments to effect or skill and all of your failures to terrible circumstances or bad luck.

For example, you came in first place in your class due to your diligence. However, you failed the exam due to a lack of sleep.

  1. In-Group Favoritism- We have a tendency to prefer individuals who are part of our in-group over those who are not.
  2. Bandwagon Effect- Everyone wants to hop on a trendy bandwagon, and as a result, beliefs, fads and ideas spread as more folks adopt them.
  3. Groupthink- We comply with the group to avoid confrontation and make irrational decisions out of a desire for group cohesion and conformity. Many giant corporations have been brought to their knees due to it.
  4. Halo Effect- If you notice a person has certain good qualities, that impression will spread to their other character traits. Just because someone is attractive or confident does not imply that they are also bright or compassionate.
  5. Moral Luck- Believing that the winners have a higher moral standing than the losers.
  6. False Consensus-Believing that most people agree with you, even though that may not be the reality.
  7. Curse of Knowledge- Once you've learnt something, you believe everyone else knows it as well.
  8. 10. Spotlight Effect- Overestimation of how much other people think about you and pay attention to your looks and behaviour.
  9. Availability Heuristic- We make judgments based on the first examples that spring to mind.
  10. Defensive Attribution-As we become more enraged at someone who commits a crime, we suspect that we, too, may have been a victim.
  11. 13. Just-World Hypothesis- The belief that the universe is just and that any observed injustice is warranted.
  12. Naive Realism-We believe we have a greater understanding of reality than others.
  13. Naive Cynicism- We assume that everyone else is concerned with themselves and that the only reason this person is doing something good is to obtain something from me.
  14. Forer Effect- here we interpret vague words as referring to us specifically, even when they apply to the majority of the population.
  15. Dunning Kruger Effect-According to this principle, the less skilled you are, the more confident you are since you are too inept to realise how bad you are. On the other hand, those with better abilities are frequently beset by doubt.
  16. Anchoring-The way we hear the first piece of information influences the terms or framing of a whole discussion.
  17. Automation Bias- Putting too much faith on automatic systems such as autocorrect or GPS.
  18. Google Effect (aka Digital Amnesia)- You are more prone to forget the knowledge easily obtained through Google with a single click.
  19. Reactance- When you're cornered or bullied, you tend to do the opposite of what you're instructed. 
  20. Confirmation Bias- We tend to seek out and be more easily persuaded by information that confirms our existing opinions.
  21. Backfire Effect-When people are repeatedly reminded of a false notion to disprove it, they might believe it even more.
  22. Third-Person Effect-The assumption that others are more impacted than you are by a common phenomenon.
  23. Belief Bias- We assess the strength of an argument not by how strongly it supports the conclusion but by how plausible the conclusion appears to you.
  24. Availability Cascade-The more individuals who discuss and believe something, the more likely we will consider it is true.  
  25. Declinism- The tendency to romanticise the past and believe that we live in a declining epoch.
  26. Status Quo Bias-Individuals like things to stay the same, even when change might be advantageous.
  27. Sunk Cost Fallacy -To avoid accepting a loss, one throws good money or effort after bad.
  28. Gambler's Fallacy- Believing that previous events have had an impact on future probability.
  29. Zero-Risk Bias- We'd rather reduce tiny risks to zero than reduce larger risks to zero.
  30. Framing Effect- Depending on how the information is framed, different conclusions might be drawn from the same information.
  31. Stereotyping- Despite not knowing anything about the individual, we generate generalised ideas that group members will share certain qualities.
  32. Outgroup Homogeneity Bias-Seeing the diversity within the groups that you belong. However, seeing people in groups to which you do not belong is all the same.
  33. Authority Bias- We value authoritative figures' opinions and are more likely to be persuaded by them.
  34. Placebo Effect- Whether something works or not, you are likely to have a slight psychological effect if you believe it will.
  35. Survivorship Bias-Winners hold a special place in everyone's heart, whereas losers fade away quickly.
  36. Tachypsychia- How trauma, drugs, and exhaustion wreak havoc on our sense of time and make us feel like we're in another reality.
  37. 39. Law of Triviality- Giving undue importance to petty matters while ignoring more significant and complex ones.
  38. Zeigarnik Effect- Unfinished chores haunt us until we accomplish them, but we forget about completed tasks.
  39. Ikea Effect- We place a higher value on things that we partially created.
  40. Ben Franklin Effect- When we do a favour for someone, we tend to think of them more positively.
  41. Bystander Effect-When others surround people, they are less likely to take action.
  42. Suggestibility- This is most common among children, and it occurs when we mistake someone else's question or idea for our own.
  43. False Memory- We confuse imagination with real memories.
  44. Cryptomnesia- The polar opposite of the preceding. Real memories are mistaken for imagination.
  45. Clustering Illusion-The proclivity to "see" patterns in seemingly unrelated data. 
  46. Pessimism Bias- We have a tendency to exaggerate the chances of adverse outcomes. For instance, always perceiving the glass as half-empty.
  47. Optimism Bias- We can be overly hopeful about positive outcomes. Seeing the glass as half full, for example.
  48. Blind Spot Bias- The bias leads us to believe that we don't have as many biases as others. 

Last Thoughts 

While mastering these cognitive biases can enhance a mind or not is still not established, if you thoroughly comprehend the process and put it to use, you will surely gain a whole new perspective on human behaviour.

Recent Article: Elon Musk quotes William Shakespeare when asked about Bitcoin’s creator


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK