cost fallacy in action: doubling down on failing projects to justify past investment. Barry Staw's 1976 study gave MBA students the role of a financial VP allocating R&D...
The core idea
cost fallacy in action: doubling down on failing projects to justify past investment. Barry Staw's 1976 study gave MBA students the role of a financial VP allocating R&D...
Connected
Availability Heuristic
judge the likelihood of events based on how easily examples come to mind, not on
Anchoring
information encountered disproportionately shapes all subsequent judgements.
Bandwagon Effect
adopt trends because others have — popularity self-reinforces.
Bystander Effect
éMore witnesses means less action — responsibility diffuses across groups.
Cognitive Dissonance
between beliefs and actions drive rationalisation over change.
Confirmation Bias
seek evidence that confirms what we already believe and filter out what contradi