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Michelle Starr — Turns Out Our Biases Really Are Stronger Than Our Ability to Perceive Facts

Summary:
New research has found that humans have an excellent ability to ignore facts that don't fit with our own biases, not just on Facebook where the stakes are pretty low, but even when it can cost us money. Stefano Palminteri of École Normale Supérieure led a team of researchers from ENS and University College London, which previously reported that humans are biased towards the path of least resistance, even though that can make us depressed later on. In those situations, people don't seem to be able to perceive intangible future repercussions. Palminteri's team sought to discover in an experimental environment whether our biases are so strong that we continue to hold onto them even when something tangible is on the line in that moment.... In 2015, Carnegie Mellon researchers published

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New research has found that humans have an excellent ability to ignore facts that don't fit with our own biases, not just on Facebook where the stakes are pretty low, but even when it can cost us money.
Stefano Palminteri of École Normale Supérieure led a team of researchers from ENS and University College London, which previously reported that humans are biased towards the path of least resistance, even though that can make us depressed later on.
In those situations, people don't seem to be able to perceive intangible future repercussions.
Palminteri's team sought to discover in an experimental environment whether our biases are so strong that we continue to hold onto them even when something tangible is on the line in that moment....
In 2015, Carnegie Mellon researchers published findings that almost everyone is blind to their own biases, and this is not easy to overcome.
"Complete objectivity is probably something we will never fully achieve," Palminteri said.
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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