Actionable news
0
All posts from Actionable news
Actionable news in BRK.B: BERKSHIRE HATHAWAY CLASS B,

Charlie Munger On Misjudgment – Day 14 3 comments

The following is a daily publication by section of a Munger

at Harvard in which he explained patterned irrationality, much of which he learned from Robert Cialdini's Influence.

I hope readers will contribute examples and opportunities in the comment section.

14. Bias from mis-gambling compulsion.

Well here, Skinner made the only explanation you'll find in the standard psychology survey course. He, of course, created a variable reinforcement rate for his pigeons and his mice, and he found that that would pound in the behavior better than any other enforcement pattern. And he says, "Ah ha! I've explained why gambling is such a powerful, addictive force in this civilization." I think that...


More