7 Psychological Effects That Rule Your Whole Life

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[Music] did you know you could sell a $20 bill for ten times its value or then a person you're physically attracted to may not be as smart and funny as you think these things are called cognitive biases and they rule your entire life without you even knowing it here are some of the most prominent ones starting with number 7 phenomenon of Max bazerman how hard could it be to take 20 bucks from an mba student in fact professor max bazerman proves it's easy peasy in 2010 he first conducted an experiment at his class where he organized a simple auction he would give a $20 bill to the student who pays the most for it the bidding started at $1 the only rules of the auction where that bids could only go up by $1 no less no more and that the second-best bidder would pay the whole sum of their bid to the professor so let's say the best bid was $18 then the second-best would be 17 dollars the one who paid $18 would receive the auction bill and win 2 bucks well the one who bid 17 would just pay the money and receive nothing simple right well at first the auction went as planned but the stakes rose pretty fast and soon the bids reached the nominal value of $20 a pause ensued and then someone bid 21 students started laughing at that but surprisingly the bidding didn't stop the auction was turned basically to farce at this point continued until the students finally had enough the $20 bill was sold for 200 $4 the overall sum the professor won totaled $387 as bazerman explained after the end of the auction it was the typical picture for any business person he conducted the same experiment with CEOs of major companies and still managed to sell the 20 bucks above their face value it all boils down to the fact that nobody wants to be the second bidder and lose money without winning anything back so the auction continues until someone sees the fallacy and decides to stop the race sometimes as you can see it happens much too late number six decoy effect let's say you're at an electronics store choosing a new SD card for your camera you see two options before you one has the capacity of 64gb and costs $15 and the other has a storage space of 128gb but costs $30 there's an equal chance of you choosing either of them some will prefer greater capacity while others will go for lower price which one would you choose by the way let me know down in the comments okay and now a third option appears this SD card has the capacity of 96 GB which is higher than the first but lower than the second but its price is higher than both it's $35 this option is called a decoy and its role is to make the pricier second SD card more favorable in the eyes of consumers indeed when you look at all three options you actually consider only the first two because the third one is worse than either of them still you now look at the 128gb card from another angle it's cheaper than the 96 GB one and as more storage space making it better in all respects the 64 GB card though is only cheaper than the 96 GB one but its capacity is lower it's kind of obvious that you would choose the best one right well marketing specialist got you there the only reason why there's this third option on the market is to create this decoy to make you buy a more expensive product insidious number five halo effect enough talk about money let's switch to other concerns ever thought how in movies and cartoons good characters are often depicted as beautiful and attractive to the eye while evil baddies usually have some repugnant features like crooked teeth warts or something like that this is how our person option of good and bad personality is shaved you may not notice this but when you see an attractive person you tend to exaggerate their good traits of character and that's the gist of the halo effect but there's more to it than that it's not only about the physical features but the overall impression a person makes if he or she is nice and charming we often extend these qualities so everything there is to that person and our mind draws them also as smart funny and witty hmm now that I know this I'll probably trust my judgment of people a bit less oh well number four framing effect imagine you're presented with the choice of two medical treatments for some disease let's not go into particulars here the package insert for the first one says it has 80% effectiveness against the disease while the second one is described as having 20% chance of failure if you look closely at both of them you'll easily see that they're absolutely similar like the same event but according to statistics the vast majority of people would choose the first treatment over the second this is what the framing effect is about we tend to prefer an option that is described in a positive way even if the only other option is absolutely the same people will likely disregard it because it's been given a negative description remember the 20% chance of failure that's it and the effect actually applies to anything politicians and marketing specialists alike use it a lot in their campaigns so pay attention to the deeper sense not the words that frame it number 3 illusion of control this cognitive bias is probably one that describes human nature at best so tell me first when is there a higher chance of getting into a road accident when you're driving a car or when someone else is at the wheel and you're just a passenger sound off in the comments I'll tell you what the statisticians say about it in a minute in the meantime hear this professor Ellen Langer conducted several studies to research the perceived control over a situation one of them involved a lottery her subjects were either given tickets at random or got to choose their own none of them knew the winning combinations so they couldn't possibly know which tickets would have a higher chance of payoff still the participants were allowed to exchange their tickets to try and win more money as a result professor Langer saw that people who chose their own tickets were more reluctant to part with them also the tickets with familiar symbols were less often traded than ones bearing different unfamiliar signs on top of that even if the odds were better subjects with tickets they had chosen themselves were less likely to trade them this shows that although the situation is completely random people tend to think their choice somehow affects the results we like to be in control of everything don't we well I promise to tell you the statistics for the car accident so here it is the vast majority of drivers think that the chances of them getting into one are much lower if they're driving than if they're riding as passengers such confidence that was it true for you to give me a like if that was number two dr. Fox effect don't get confused by the name it's not after any doctor in fact quite the opposite the experiment that gave this effect its name was conducted in 1970 when two speakers gave lectures to an audience of trained psychiatrists and psychologists the topic was chosen specifically so that none of the trainees knew anything about it for the experiment to be valid the catch was that one of the lecturers was a real scientist while the other was an actor Michael Fox under the alias of dr. Myron L Fox an Albert Einstein College of Medicine graduate when both the actual scientist and the actor gave the lecture in a monotonous manner the students gave better feedback to the real lecturer and perform better on the test but when they were both asked to present the material in a more lively way joking and engaging the audience dr. Fox was rated as highly as the actual professor moreover the lecture was deliberately full of double-talk contradictory statements and downright nonsense but despite all that the student spoke very highly of dr. Fox's professionalism and that's what's so disturbing about the whole effect the positive attitude and liveliness of the actor completely fooled a whole audience of highly educated specialists if you ever heard motivational speakers and got inspired by their ideas well chances are you've also experienced the dr. Foxx effect Congrats number one spotlight effect if you've ever felt self-conscious leaving your house in different socks worrying that everyone would laugh and point fingers at you you've become a victim of the spotlight effect it's a psychological bias that basically makes you think too much of yourself you're the center of your own world that's for sure no one lives your life for you and that's why you notice every little detail in yourself and you naturally tend to think that everyone else will also see that strange new mole on your forearm or that your nails aren't properly manicured but let's be honest how often do you notice such tiny things in others my guess is almost never that's because everyone's too concerned with themselves to pay much attention to other people but don't get all upset about this it's a widely common effect just try not to think too much of your own importance in the life of complete strangers so which of these effects have you experienced on your own let me know down in the comments if you learn something new today then give this video a like and share it with a friend but hey don't go anywhere just yet we have over two thousand cool videos for you to check out all you have to do is pick the left or right video click on it and enjoy stay on the bright side of life you
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Keywords: psychology tricks, psychology facts, human behavior, communication, psychological tips, emotions, psychology, emotional state, life changes, your personality, feel comfortable, subconscious, multitasking, emotional pain, Phenomenon of Max Bazerman, Decoy effect, Halo effect, Framing effect, Illusion of control, Dr. Fox effect, Spotlight effect
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Length: 10min 39sec (639 seconds)
Published: Sun Jun 16 2019
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