Instruction
as always.
student"s post:
During the TED talk "Why we make bad decisions", Dan Gilbert stresses the phase by Bernoulli , the expected value of any of our actions is the product of the odds this action will allow us to gain something and the value of that gain to us. We think of this as a simple concept but when we are in the motion of everyday life humans make errors in estimating the odds that they will succeed and estimating the value of their own success, this is because we let our estimates be swayed by outside or past events. Humans have a terrible way to look at certain products or actions and try to put a price tag on something based off what we have seen it go for before, and by think this way instead of a situational approach will only increase the variation of your estimates of the overall gain for us.