Thinking in Bets - Chapter 3 - Bet to learn
How people should learn by watching outcomes and why they do not learn?
There are many unknown circumstances - so we do not know the real cause of the outcome. Luck also plays a big part here, so we don’t know if it’s luck or skill.
Also we are distorted with our biases:
- self-serving bias
- and inverted self-serving bias
How to overcome our biases and learn better?
Our Rational Answer books club has selected a book for February. It is “Thinking in Bets” by Annie Duke: https://www.amazon.com/Thinking-Bets-Making-Smarter-Decisions-ebook/dp/B074DG9LQF
This book is written by a multi-million dollar poker tournaments winner (and her brother is also a multi-million dollar poker tournaments winner - so it’s a family business ;))
She teaches how to apply poker thinking to make decisions in financial markets, strategic planning, human resources, law, entrepreneurship…
Chapter 3 covers how to overcome our biases and learn better.
Sharing my mind map as usual:
