One of the concepts I’ve been playing with is the idea that the advantage of knowing our innate biases is not so much in overcoming them but in identifying and circumventing them.
Your common scenarios regarding risk assessment and perceptions of loss vs. gain generally assume a basis in evolutionary psychology. If these are in fact built into our brains it strikes me trying to overcome them directly is a skill we can never fully master and trying to do so brings tempts akrasia.
Consider a scenario where you can spend $1000 to have a 50% shot of winning $2500. It’s a definite win but turning over the $1000 is tough because of how we weigh loss (if I recall loss is weighted twice as greatly as gain). On the other hand you can just tell yourself (rationalize?) that when you hand over the $1000 that you’re getting back $1250 for sure. It’s an incorrect belief but one I’d probably use as I wouldn’t have to expend willpower overcoming your faulty loss prevention circuits.
People overcome innate but undesired drives all the time, like committing violence out of anger. Your former approach actually doesn’t sound very hard to me, although it might be hard for someone unusually loss-averse. Also, the latter approach sounds like it might not be self-deception in every sense, since there’s no single thing in the mind that is a “belief” (q.v. Instrumental vs. Epistemic – A Bardic Perspective); it seems like this point is being consistently ignored throughout this discussion.
One of the concepts I’ve been playing with is the idea that the advantage of knowing our innate biases is not so much in overcoming them but in identifying and circumventing them.
Your common scenarios regarding risk assessment and perceptions of loss vs. gain generally assume a basis in evolutionary psychology. If these are in fact built into our brains it strikes me trying to overcome them directly is a skill we can never fully master and trying to do so brings tempts akrasia.
Consider a scenario where you can spend $1000 to have a 50% shot of winning $2500. It’s a definite win but turning over the $1000 is tough because of how we weigh loss (if I recall loss is weighted twice as greatly as gain). On the other hand you can just tell yourself (rationalize?) that when you hand over the $1000 that you’re getting back $1250 for sure. It’s an incorrect belief but one I’d probably use as I wouldn’t have to expend willpower overcoming your faulty loss prevention circuits.
Which approach would you use?
Not true; $2500 is not necessarily 2.5 times as useful as $1000.
http://en.wikipedia.org/wiki/Marginal_utility#Diminishing_marginal_utility
People overcome innate but undesired drives all the time, like committing violence out of anger. Your former approach actually doesn’t sound very hard to me, although it might be hard for someone unusually loss-averse. Also, the latter approach sounds like it might not be self-deception in every sense, since there’s no single thing in the mind that is a “belief” (q.v. Instrumental vs. Epistemic – A Bardic Perspective); it seems like this point is being consistently ignored throughout this discussion.