How to make better decisions: 5.2 Anchoring Bias

How to make better decisions: 5.2 Anchoring Bias



this is coaching cub TV I'm Tremaine I'm an executive coach a behavioral economist and lecturer in critical thinking today we're talking about anchoring and to help you understand anchoring and its devastating effects I'm going to tell you a little story which is a true story that unfortunately didn't happen so very long ago it's the story of the FBI and Brandon Mayfield Brandon Mayfield is was a lawyer in Oregon and in his spare time he helped people who couldn't afford the services of a solicitor and one of the clients that he did pro bono work for was a known terrorist and he defended him in a custody case Brandon Mayfield also converted to Islam to marry his Egyptian life Mona there's nothing wrong with that but when his fingerprint was found on a detonator bag at the site of a terrorist bombing in Spain he became the number-one suspect the FBI followed him tapped his phones followed his wife searched his house and eventually arrested him now Brandon Mayfield hadn't left the country in over ten years his passport was out-of-date but his computer contained searches for flights to Spain and flying lessons the FBI was so convinced that they had their man that they started building a case against him and they had no problem doing that but just to be sure they got in an independent forensic expert who also confirmed that the prints on the detonator bag was indeed Brandon Mayfield's things were looking pretty dark for him when after two weeks of being incarcerated the Spanish government came back and said well actually no we have found 100% match on the detonator bag the chap was in Spain at the time and we've got a pretty good case against him Brandon was released with a significant sum of money an apology and insight into some of the major failings of what happens when we make decisions as a group when we have an initial piece of information that we really really want to be true the team at the FBI felt that Brandon Mayfield was pretty much there then and despite the massive amount of information available to them they pulled out we've already spoken about confirmation bias they pulled out those pieces of information that confirmed their initial anchor and they were pretty damn good at it now imagine this is a team of people but imagine if a decision hinges on just one person the anchoring bias often goes unchecked so that's anchoring maybe over the next few days why don't you see where you actually anchor on an initial preconceived idea and then look for information that confirms that idea you might find that you do it unconsciously because we all do again it's a thinking shortcut well if you need a bit of help with your decision-making contact us at the coaching club we'll bunch of friendly well-qualified coaches and subscribe to our You Tube channel coaching club TV for their videos like this you

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