The Intuitive Mind by Eugene Sadler-Smith

Author:Eugene Sadler-Smith
Language: eng
Format: epub
Publisher: Wiley
Published: 2010-05-11T00:00:00+00:00

The HandyHome debacle isn’t a million miles from the vision of wealth creation sold to millions of ordinary people who invested in real estate and company shares pre-2008 credit crunch. They were beguiled by the images of low effort wealth creation sold to them by bankers and governments as part of the ideal of becoming part of a ‘property-owning’ largely middle class society.

Psychologists call this kind of wishful thinking the ‘desirability bias’26 - desires can and do influence our expectations about the future especially if those desires have an emotional component (for example, an affective attachment to a person, wealth, object or business venture). Wishful thinking works both ways - the undesirability of an outcome (the smoker who doubts they’ll be the one to get lung cancer or the amateur investor who doubts their assets can be the ones that fall in price) can lead to a decrease in the expectation that it will occur (‘it could never happen to me’). As far as confirmation and desirability biases are concerned the lessons both from the psychology lab and the real world point to a number of ways in which they can be combated.

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