<iframe title="Every Psychological Trap Explained in 13 Minutes" src="https://www.youtube.com/embed/MChqrjv4YFI?feature=oembed" height="113" width="200" style="aspect-ratio: 1.76991 / 1; width: 100%; height: 100%;" allowfullscreen="" allow="fullscreen"></iframe>
**Duration:** 13:6
**Language:**
**Complexity:**
**Topics:**
# š Personal Notes
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date: 2024-03-20
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# YouTube
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## Description:
-> [Youtube video Link](https://www.youtube.com/embed/MChqrjv4YFI)
## Summary:
The video discusses various psychological effects and biases that impact human decision-making and behavior. It explains these concepts with examples and offers tips on how to counter these cognitive biases in everyday life.
**Key Points:**
- **The Ostrich Effect:** Ignoring negative information or feedback. It suggests regularly reviewing your situation to avoid this bias.
- **The Sunk Cost Fallacy:** Continuing an endeavor simply because you've already invested a lot into it, not because it's the best choice now. It recommends making decisions based on future returns rather than past costs.
- **The Decoy Effect:** Preferences changing when a third, less attractive option is introduced, illustrating how comparison can influence decisions. Advises evaluating options independently.
**Topics/Themes:**
- Psychology
- Decision-Making
- Biases