![]() The first mechanism people with optimism bias have is called a representativeness heuristic (a heuristic is essentially a mental shortcut to help make decisions faster). A cognitive mechanism is just the way we think about something. There are three cognitive mechanisms that people with optimism bias have. With true confidence, this believe would be supported by ability, experience, hard work, etc. There’s nothing to support that except your perception. What’s weird about desired state of comparative judgement is that these are important for confidence too. Desired End State of Comparative Judgmentīasically this is just a fancy way of saying that we believe that we’re better off than others, and we think we’ll get a better result of have lower risks because we have an enhanced self image, we have an enhanced sense of self-presentation (how we look), we have an enhanced sense of perceived control. Information They Have about Themselves versus Othersġ.Desired End-State of Comparative Judgement.This is a trap I can easily fall into, so I decided to do more research, and what I found is that there are essentially four factors that drive the cognitive bias some of us have called optimism bias (also called unrealistic or comparative optimism): But overconfidence is a very serious trap. You need to believe you can get a good deal. Likewise, confidence is also a requirement for a good negotiator. If you’re not confident, you’ll probably fail. Confidence is a requirement for being an entrepreneur. One of the mistakes that I closely related to is being overly optimistic or overly confident. Let me tell you, when I read these mistakes, I could relate to EVERY SINGLE ONE. In their research they found that there are 8 mistakes that entrepreneurs regularly make with regards to negotiation. The authors Samuel (Mooly) Dinnar and Lawrence (Larry) Susskind interviewed a stack of entrepreneurs to determine how entrepreneurs negotiate and where they sometimes make mistakes. I just finished a fantastic book called, Entrepreneurial Negotiation. It’s funny that sometimes the things that makes some of us most successful can also be our greatest undoing.
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