Just wanted to recommend a book I just read: "Sway" by Ori and Rom Brafman. It's a quick read that I picked up in the airport between flights.
The book is essentially about the sub-merged mental drivers (undercurrents) that can undermine rational action (i.e. make us behave irrationally). For example, why do we drive crazy sometimes just to save a few seconds? Why can't we sell a falling stock? Or why can't some people get out of domed relationships?
In summary, they explain 5 psychological undercurrents that cause this irrational behavior:
1) Loss Aversion (Desire to avoid loss): People don't like to lose and thus may not know when to cut their losses or know how/when to lose. It's okay to lose; you can make it up on the next one. Don't dig yourself into a bigger hole. Don't get caught by this fear of loss, it can make you lose a lot more. Have a long term view. e.g. Running a yellow light to save a few seconds, in the long-term, has absolutely no major impact in your life.
2) Commitment: This is about our reluctance to alter a plan or action that clearly isn't working because it has always worked for us in the past. Let go of the past, be open. Ask yourself: If I were to walk into the situation, fresh, would I still be pursuing this strategy?
3) Value Attribution: This is when we judge a book by its cover (i.e. diagnosis bias). We all have different lenses we see things through. Perceive someone or a situation beyond your initial impression. Take time to test your intuition -> learn about something or someone -> make a tentative opinion -> test your opinion -> give it time to sync -> and then finally make a final judgment.
4) Fairness: As humans we want something to be fair. Our decisions are driven by our convictions and emotions, that’s why sometimes we make bad decision. This factor is even more important when a decision affects other people. The key here is to weigh things objectively, not involving our emotions or moral judgment. When it does involve others, make sure you involve them in the "process" and keep ongoing two-way communication.
5) Ignoring Dissenters: This is essentially about not ignoring the "devil's advocate" and taking into account all the evidence. Hearing out everyone only leads to better decisions as every point of view will have been considered. Give a voice to the dissenter.
Be aware of these 5 undercurrents the next time you face a pivotal decision - swim across these undercurrents, not against them!
