Cognitive biases that affect relationships
If you’ve ever taken an economics course, you’d recall that basic economics is founded on the assumption that an individual is a fundamentally rational creature. This infallible being, homo economicus, when in possession of complete and accurate information, always chooses the option that maximizes their well-being. Of course, we all know that this is a flagrantly inaccurate assumption – people constantly act against their objective rational self-interest. In the 1970s, Israeli psychologists Amos Tversky and Daniel Kahneman studied and catalogued some of these irrationalties. Through meticulous and often creative experimentation, they found patterns in the way that we are sometimes at odds with rationality. Tversky and Kahneman’s research spawned a new field called behavioral economics to study these predictable irrationalities. Thus far, behavioral economists have identified over 100 of these persistent mental errors – called cognitive biases – that distort our decision-making. ...