Wednesday, June 13, 2007

Deep Freeze 9: The Special Present Fallacy:

It’s human nature to put ourselves at the center of the world. Our own lived experience is much more vivid than what we can imagine others must be feeling. This provides constant, if subconscious, vindication that we have a privileged perspective.

There is a good evidence for perspective bias. Kruger and Dunning, for example, have shown that people tend to hold overly favorable views of their abilities in many social and intellectual domains. Researchers in behavioral economics have found many such effects, including the “endowment effect”: people value something they own more highly than the identical item owned by someone else. For example, Seattle Seahawks fans already own have tickets to the Superbowl might not sell them for less than, say, $800, whereas they wouldn’t pay more than $600 for someone else’s tickets.

4:50 AM