Mental Model - Abhishek Chakraborty (Page 4)

Mental Models: The Best Way to Make Better Decisions

What are Mental Models? Why should you use them? How can they help you understand how things work? How can they help you solve problems, and make better decisions?

Second-Order Thinking: How to Uncover Hidden Consequences While Making Decisions

First-order consequences often have opposite desirabilities from second-order consequences. This results in big mistakes in decision making. Especially when you are treading in uncharted territories.

Ludic Fallacy: Why It’s a Mistake to Use Games to Model Real-Life Situations

In your adult life, if you have talked to enough people, or have attended few conferences and keynotes, you must have heard people starting a sentence with, “Like in a game of chess,” or “Think of it as a game of poker.” Analogies are helpful in communication, but life is neither a game of chess, no

Circle of Competence: How Warren Buffett Avoids Failures

Think of the circle of competence like a small circle within a big circle. The bigger circle is what you think you know—where you are not really an expert, and the smaller circle inside the bigger one is what you really know—where you are an expert, and where nobody can beat you.

Chauffeur Knowledge: Don’t Confuse The Spokesperson With Those Who Have True Knowledge

There are two types of knowledge. The first is real knowledge. We see it in people who have done their homework, put their effort, and paid their dues. They did the hard work, and have put significant time to understand a topic. The second type is Chauffeur Knowledge.