Collection: Charlie Munger - #79 'Bias From Over-Influence By Authority'

Updated: Nov 15


Video Link: https://youtu.be/we7bm3q05Uw


In this episode, Charlie Munger shared the tenth causes of human misjudgment, bias from over-influence by authority.


In this episode, you’ll learn:

  • What is bias from over-influence by authority?

  • How humans got influence by authority figure?

To check out all Collection: Charlie Munger <click here>

[Transcript]

CHARLIE MUNGER 00:08

Bias from over-influence by authority. Well, here the Milgram experiment is it’s caused… I think there have been 1600 psychological papers written about Milgram. He had a person posing as an authority figure trick ordinary people into giving what they had every reason to expect was heavy torture by an electric shock to perfectly innocent fellow citizens. And the experiment has been… he was trying to show why Hitler succeeded and a few other things. So it has really caught the fancy of the world. Partly it’s so politically correct and…


Over-influence by authority has another very… you’ll like this one. You got a pilot and a co-pilot. The pilot is the authority figure. They don’t do this in airplanes, but they’ve done it in simulators. They have the pilot do something where the co-pilot who’s been trained in simulators a long time. He knows he’s not to allow the plane to crash. They have the pilot to do something where an idiot co-pilot would know the plane was gonna crash, but the pilot’s doing it, and the co-pilot is sitting there, and the pilot is the authority figure. 25% of the time, the plane crashes. This is a very powerful psychological tendency.


It’s not quite as powerful as some people think, and I’ll get to that later.

  • Facebook Social Icon
  • YouTube

Like & Follow YAPSS social media page to get notify on the latest update.

Disclaimers: YAPSS/YAPSS.com is not managed by a registered investment advisor or a broker/dealer. Information from YAPSS/YAPSS.com and any content posted by YAPSS/YAPSS.com is for entertainment & education purposes only and not a buy or sell of security recommendation. In no event shall YAPSS/YAPSS.com be liable to any damages arising out from the use of YAPSS/YAPSS.com content or material published or available on YAPSS/YAPSS.com. Lastly, YAPSS/YAPSS.com is in no way guaranteed for accuracy or completeness of published information and hence, please do your own due diligence.

©2020 by YAPSS. All Right Reserved.