AI is increasingly involved in our daily lives and work. In this context, every.to's article "AI-assisted Decision-making" provides an interesting perspective on how AI can help in the decision-making process. The article highlights the importance of incentives through the example of Federal Express. This case supports the famous saying of investor Charlie Munger, "Never, ever, think about something else when you should be thinking about the power of incentives."
The main argument of the article is how AI, especially ChatGPT, can help with decision making. ChatGPT can improve the decision making process by utilizing various mental models and heuristics. A scene from the movie “The Big Short” is used to specifically explain how ChatGPT can help with decision making. This provides insight into how AI can be applied in real-world situations.
How to apply it in practice
Situation Analysis: Provide ChatGPT with context about the situation before making a decision. This allows ChatGPT to analyze the situation and provide appropriate advice.
Apply mental models and heuristics: Deepen your analysis by applying various mental models and heuristics, such as Daniel Kahneman's 'Thinking Fast and Slow' or Charlie Munger's 'The Psychology of Human Misjudgment'.
Use Custom Instructions: You can set special instructions for ChatGPT to avoid common problems or judgment errors in certain situations. For example, you can set a question like, “What would I do if I wasn’t afraid of something?” to make the decision-making process more clear.
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