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The post Why Smart People Make Bad Decisions—And Why It’s Hard to Learn From Our Mistakes appeared first on Worth. The more we do anything, we alter our brains to become better at it.
Having more choices, such as a vast amount of goods and services available, appears to be appealing initially, but too many choices can make decisions more difficult. According to Miller (1956), a consumer can only process seven items at a time. After that the consumer would have to create a coping strategy to make an informed decision. [8]
Self-justification thought process is a part of commitment decisions of leaders and managers of a group and can therefore cause a rise in commitment levels. [citation needed] This attitude provides "one explanation for why people escalate commitment to their past investments." [7] Managers make decisions that reflect previous behavior. Managers ...
In chapter 8, Ariely discusses how we overvalue what we have, and why we make irrational decisions about ownership. The idea of ownership makes us perceive the value of an object to be much higher if we own the object. This illustrates the phenomenon of the endowment effect—placing a higher value on property once possession has been assigned.
Gilovich earned his B.A. from the University of California, Santa Barbara and his PhD from Stanford University.After hearing Amos Tversky and Daniel Kahneman give a lecture about judgment and decision making in his very first classroom experience there, Gilovich changed his program of research to focus on the intersection of social psychology and judgment and decision making . [3]
Collective Illusions: Conformity, Complicity, and the Science of Why We Make Bad Decisions is a 2022 book by author Todd Rose. The book illustrates that human thinking about one another is based on false assumptions that leads to bad decisions, and this makes the society mistrustful and individuals unhappy. [1] [2]
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