Most people don't like hearing it, but what if "no" can be helpful?

This week we're looking at a rather simple puzzle. If you've already taken our Behavioral Economics Certification Course, you might be familiar with this one: all you have to do is look at a series of numbers and try to guess the rule those numbers follow. You can enter your own sequence of three numbers to check if they follow rule as many times as you like. What will be your strategy? Can you avoid one of the most common cognitive biases that impacts our decision-making?

Questions:

• What is confirmation bias? How can it negatively impact your decision making?
• Can you think of any examples when you've been a victim of confirmation bias?
• Why do you think people tend to seek out information that confirms their own beliefs?
• What are some strategies you can think of to overcome confirmation bias and make more objective decisions?

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Haven't taken that behavioral economics certification course yet? Sign up for the next cohort!

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Looking for more interactive resources? Be sure to check out the NGPF Interactive Library. 

About the Author

Ryan Wood

Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.