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Attitude Expectations Knowledge Wisdom

The Relationship Between Individual Decision-making and Private, Public & Partially Known Information

The Game of Life: Maria Konnikova on What She’s Learned From Poker

(excerpt)
The language we use becomes our mental habits – and our mental habits determine how we learn, how we grow, what we become. It’s not just a question of semantics: telling bad beat stories matters. Our thinking about luck has real consequences in terms of our emotional wellbeing, our decisions, and the way we implicitly view the world and our role in it. There is no such thing as objective reality. Every time we experience something, we interpret it for ourselves. How we phrase sentences can determine whether we have an internal or external locus of control, whether we are masters of our fates or peons of forces beyond us. Do we see ourselves as victims or victors? A victim: the cards went against me. Things are being done to me, things are happening around me, and I am neither to blame nor in control. A victor: I made the correct decision. Sure, the outcome didn’t go my way, but I thought correctly under pressure. And that’s the skill I can control.