Being a part of the Newristics team changes the way employees interact with the world around them. They not only experience a greater understanding of human decision-making but also ameliorate their understanding of their own selves by virtue of being able to recognize every heuristic they personally use to make decisions! Every employee at Newristics is a heuristician, and a better person because of it! Meet our team and read about their favorite heuristic!
We unconsciously avoid making a complex or difficult decision with an easier one because we believe that doing something is better than doing nothing which is not always true.
Chief Operating Officer
If a task seems too large to solve, humans more likely will give up on it, and leave others in higher positions to solve them.
Chief Revenue Officer
Humans underestimate the number of chances at the same thing that they'll get during their lifetimes.
Chief Financial Officer
We interpret evidence in a way that confirms our existing beliefs and ignore or avoid contradictory evidence, and this often prevents us from making the best decision.
We assume that an object can only be used for its intended purpose and has no other value just because we have never tried to use it for any other purpose. However, others may have found alternate purpose that we are just unaware of.
Background Contrast Effect
We will show a greater preference for an option if there is a clearly inferior option to compare it to,otherwise we would not.
We may take more personal credit for a group outcome than an external observer would give us.
Opportunity Cost Neglect
A dollar saved is a dollar earned, but we neglect the value of a dollar saved and spend it right back.
We establish acceptable minimums as cutoff points for certain attributes of a product rather than judge it on all attributes, as a whole.
We do things just because many other people do them, even if we don't enjoy them personally.
Happy People, Happy Choices
When we are in a good mood, we make optimistic choices, but when we are in a bad mood, we make pessimistic ones, even though we should not let our mood determine our choices.
We are often more optimistic about our future prospects than the data suggests we should be.
We attribute other people’s behavior to their personality, but our own behavior to situational factors,and therefore, frequently apply a double standard.
Current Moment Bias
We would rather experience pleasure in the moment and leave pain for later, even though it's not always the best thing to do.
We may judge an experience almost entirely on its qualities at its peak and ending, disregarding elements such as net pleasantness and duration.
Mere Token Effect
When deciding between options with smaller immediate payouts and larger later payouts, by adding even a minor immediate (limited value) payout to both options increases our likelihood to wait for the later option, even though nothing has really changed.
We make decisions based on how well they can be justified to others, rather than making an objective decision.
Ratio Preference Bias
We prefer probabilities expressed as a simple ratio vs. a percentage, even though they express the same probabilities.
We respond to a positive action with another positive action, rather than objectively deciding the best action.
Humans prefer options with fewer unknowns and avoid options with missing information.
Once we become aware of a particular phenomenon, we start seeing it more frequently and perceive it as more frequent than it actually is.
We are more likely to "go with the flow" when working as a team simply to maintain harmony because we don't like to be the one to create group conflict.
We prefer to not lose what we have even if it is to get something better.
Humans think they are in the spotlight, with people focusing on their physical appearance and presentation, more often than they actually are.
We tend to blindly follow those in positions of authority, regardless of whether she/he is right or wrong.
Some of our behaviors are direct results of certain childhood experiences that continue to impact our minds and our lives.
Status Quo Bias
We like things to stay relatively the same and fear the risk of change will not be worth it, but sometimes we don't even consider the potential benefits!
Power of Free
We prefer “free” goods even if there is a cost to acquiring them and they are not really "free".
Humans prefer options that they can customize (even if they don't desire any customization).
Sometimes we want it all, and don't want to give up anything to get there.
Rule of Consistency
We feel we need to maintain and project a consistent image of ourselves and sometimes go overboard to do so.
We rely too heavily on the first piece of information and make judgments based on it, just because it was the first piece and not because it is in any way more important than the subsequent pieces of information.
Open Option Bias
We want to keep options open whenever possible to avoid feeling locked down, even if it doesn't make any sense to do that.
Humans strongly prefer immediate rather than later payoffs, even if the later payoff is larger.
We believe that if something is good enough for a peer, then it is good enough for us too, even though that may not be the case.
Diffusion of Responsibility
We take increasingly less personal responsibility as the number of people in the group increases. This is the reason why larger groups tend to impede progress rather than accelerate it.
Humans are drawn to others who share their thoughts and beliefs as they feel empowered by the external validation.