Jan 31, 2020
As students of behavioral
economics know even when we are aware of our biases, they still
exist. Our brains and subconscious act on autopilot and incorporate
biases into our decision making process without us even realizing
it. If that’s the case, how can we make our decisions more
rational? Improving our awareness of these biases can help us at
least understand how we are being influenced. From there, we can
determine opportunities to step back and take a second look at the
information at hand.
Behavioral economics is a broad
subject with a lot of variations of biases and principles.
Fortunately, BrainyTab is a tool to help learn about and reinforce
some of those biases. I’m excited to have Radu and Raluca Judele on
the show today to discuss BrainyTab. Radu and Raluca wanted to
create a tool to shine a light on those cognitive biases. They
started researching and came up with a browser extension called
MyCognitiveBias which has now evolved into BrainyTab.
I couldn’t resist learning more
about a tool set up to share behavioral economics with the world.
That’s why Radu and Raluca are here today to introduce the
extension to you and talk about why they came up with it, how it
has helped them, and why it can help you. It’s free for everyone,
and you can download it from their
website. The tabs
introduce about 530 concepts, and they are constantly adding new
material including relatable, real-life examples. They also have a
fun contest where users can get a chance to win $100 worth of books
- [03:32] Radu was nervous to
reach out to The Brainy Business (I’m so glad he did!) He and
Raluca wanted to work on a project together. BrainyTab is phase 2.
Phase 1 was an extension called MyCognitiveBias which was inspired
by the cognitive bias codex.
- [04:38] A browser extension
seemed like a reasonable way to remind users of cognitive
- [04:51] Raluca did the
research. They built the extension together.
- [05:11] They started thinking
about things that were connected to cognitive biases that could
improve decision-making. The next step was adding Mental Models.
The also thought people should be more aware of Dark
- [06:21] They have received tons
of positive feedback. They are focused on growth and what steps to
- [08:01] They were hoping for
100 users for MyCognitiveBias, but ended up with
- [09:04] BrainyTab teaches you a
new tidbit each time you open a new browser tab, it will show a
random cognitive bias, mental model, or dark pattern. If you like
to reinforce one concept over and over (instead of a new one each
time) that is an option as well. It also has a bookmark
- [11:13] Melina had access to
the beta version.
- [12:33] Repetition and loss
aversion are some of their favorite principles. We are aware of our
bias, yet the reminder helps.
- [14:01] BrainyTab helps bring
awareness to things that exist and identify why our brains are
- [17:31] Radu is a marketer, and
he has worked in hospitality. As an observer of people he noticed
patterns. When he started marketing, he became aware of behavioral
- [19:17] Raluca had a
mini-stroke about 18 months ago. It was stress related and a
game-changer for her. She now enjoys her research and what she is
doing. In many ways, working on BrainyTab helped retrain her brain
and reduce stress.
- [21:09] Understanding the
patterns helps her control stress and emotions.
- [24:42] They have around 530
concepts on their tabs. They want to make the information relatable
and add real-life examples.
- [27:31] We aren't as rational
as we would like to be. Setting a goal ahead of time and removing
emotion such as selling a stock at a certain number is a mental
- [29:21] It's Melina's mission
to help as many people as possible understand how our brains work
and how that applies to our lives. BrainyTab is such an obvious
connection point. Melina is excited to help build out the content
and sources for BrainyTab (Radu and Raluca are not behavioral
economists) to make it more robust).
- [30:26] Radu and Raluca are
having a contest to give free books to users.
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