In this episode, I discuss decision-making, focusing on mental models and heuristics. I share personal experiences from product management, exploring tools like opportunity cost, first principles thinking, and cognitive biases. I suggest expanding mental models, challenging biases, and using techniques like the Feynman Method and 80/20 Rule and more to improve our decision making and communication.
Timestamps and key moments:
00:00:00 - Intro.
00:01:06 - Intro to Mental models and there usefulness to breaking down complex ideas for better decision making.
00:03:09 - Drawbacks on over relying on Mental models.
00:04:04 - Intro to heuristics and how they influence our decisions like the availability heuristics, anchoring heuristics and more.
00:06:35 - Benefits and drawbacks of heuristics in making decisions.
00:07:35 - Exploring ways to use Mental models and heuristics for better decision making.
00:10:55 - More mental models like the Feynman Technique, Inversion, Occam’s razor, etc can help you in making better decisions.
00:18:10 - Intro to Framing, Baader-Meinhof Phenomenon, and confirmation bais.
00:18:29 - Exploring Framing and how information is presented influences our decisions.
00:19:48 - Exploring confirmation bias and the Baader-Meinhof Phenomenon.
00:21:27 - Closing remarks concluding everything we have discussed in the episode. It also discusses how these models make us better decision markers and better communicators.
00:24:51 - FS blog article recommendation. It covers all the mental models I’ve mentioned in this episode and more from the fields of economics, physics, biology and more.
00:25:14 - Book recommendation: Thinking Fast, and Slow by Daniel Kahneman on the psychology of decision making.
00:25:56 - Outro :)
Links:
Thinking Fast, And Slow (Online read)
Production Credits
Executive Producer, Script, Research: Sol & Ben
Got topics you want us to look into? Want to feature on our podcast? Got any Book recommendations?
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