Biases taking over your thinking? S3E3

***Support the podcast, become a member: https://www.youtube.com/channel/UCksnReFEAAK47cTVZBVQJrw/join On, OoruLabs, India's premier urban issues podcast, Sathya Sankaran, host of the podcast, explores the impact of cognitive biases on decision-making, particularly in the context of road safety for pedestrians and cyclists. He explains four key biases: availability heuristic, anchoring bias, framing effect, and loss aversion, illustrating how these biases can lead to irrational choices that perpetuate unsafe conditions. The conversation also touches on the importance of understanding behavioural economics and social norms in addressing public infrastructure issues. - Keywords road safety, cognitive biases, behavioural economics, heuristics, public infrastructure, decision making, availability heuristic, anchoring bias, framing effect, loss aversion — Takeaways Road safety is often compromised by cognitive biases. Heuristics can lead to poor decision-making regarding safety. The availability heuristic causes overestimation of risks. Anchoring bias affects how we perceive costs and value. Framing can significantly influence our choices and perceptions. Loss aversion makes people resistant to change, even for the better. Understanding behavioral economics can help in making informed choices. Social norms can perpetuate unsafe behaviors in communities. Slow thinking is essential for overcoming biases. Awareness of biases can lead to better public infrastructure decisions. —— Sound Bites "How the message is framed is very important." "People are predictably irrational." ——— Chapters 00:00 Intro 01:19 Understanding Road Safety and Cognitive Biases 01:59 Availability Heuristic 03:45 Anchoring Bias 05:46 Framing Effect 07:44 Loss Aversion 10:36 Exploring Behavioral Economics and Social Norms ———— Stock video and picture credits to various contributors. All rights belong to respective owners. Show notes generated by Riverside AI. ————— Listen to other video-pods on this topic and subscribe to the channel Spotify link: https://open.spotify.com/show/6EYcxIPGW0UQvmkk67Ox0x?si=efbf1c2c47d449be Apple Podcasts link: https://podcasts.apple.com/us/podcast/the-oorulabs-podcast/id1682407685 YouTube link: YouTube.com/@oorulabs Website: https://podcast.oorulabs.com Join this WhatsApp community to receive updates on OoruLabs Podcast https://chat.whatsapp.com/HquObSYDOFz5DXP6TEh07W