Buddy System

Thinking in Bets - Chapter 6 - Mental Time Travel

Thinking in Bets - Chapter 6 - Mental Time Travel

Translations: RU

Did you know that losing $1000 and then winning $900 (i.e. getting a result of -$100 in total) is more pleasant than winning $1000 and then losing $900 (i.e. getting a result of +$100 in total)!??

What has happened in the RECENT PAST drives our emotional response much more than how we are doing overall! It is a problem if you are making important prediction.

There are to ways to overcome this problem:

Thinking in Bets - Chapter 4 - The Buddy System

Thinking in Bets - Chapter 4 - The Buddy System

Translations: RU

People are not ready to consider themselves the source of the problem they are facing (their skill), they blame other people/circumstances (luck). How to overcome this issue?

One of the solution is to create “truth-seeking group” with your colleagues/friends/partners/“buddies”. And such a group should follow specific rules that would increase rationality…