Readwise: 4 Professional Poker Lessons to Help You Think Clearly and Live Wisely
Original: https://youtu.be/FVamrGf8UYA
Liv Boeree covers some biases that show up in our day-to-day lives that we often can see in poker.
Confirmation Bias
The most damaging bias that can come up in poker â and I also think very often in life â is whatâs known as confirmation bias.
The desire to want something to be true and to overvalue evidence that would confirm that, and undervalue evidence that disproves it.
Status Quo Bias
Status quo bias is basically when we say â to assert â whenever we catch ourselves saying, well, itâs always been done this way, or itâs worked for me like this in the past, and this is my way of doing things.
In poker this could mean playing with a certain style that doesnât account for the other players.
Sunk Cost Fallacy
Another classic one that comes up in poker is the sunk cost fallacy, where again youâll have a lot of chips, perhaps almost all of your stack is in the middle, and yet you are 85 to 90 percent confident that you have the worst hand, and youâre not gonna be able to get â youâre putting another chip in the pot is probably not a good idea. But will often go to ourselves, oh well, I put â Iâve gone this far, Iâve put this much in, I might as well see it through to the end.
A very common situation where we fail to consider new information.
Emotional Difference
Itâs interesting to observe sort of the difference in emotion you can have when you end up in a very similar situation.
Example she gives is where she loses a number of chips to get to N vs when sheâs won a hand to get the same number of chips. This gain or loss could affect you emotionally when in reality you have the same number of chips.