Heuristics and bias these words are often used when discussing decision-making and how we think and function mentally. However, some people use these words interchangeably. Even though the difference between…
Posts published in “Business Psychology”
Everyone likes to think that they are rational and logical, but everyone is prone to making decisions driven by misconceptions, fear, and pride. The reason is pretty simple, it feels…
How do we self-license ourselves? How do we decide when to do what? How do we choose to do something bad or not so good after doing something well? Let…
Let us say that you went to the nursery and are thinking of buying an attractive-looking ornamental tree. Some leaves of the tree were a bit brown, but you ignored…
Suppose it is John’s first day at the office and there is an important meeting that you have to attend. He catches his regular train to the office, but he…
Let me take you back to the roulette table of Monte Carlo casino in 1913. In the last 10 spins of the roulette wheel, the ball has landed on black.…
Endowment Effect example
Endowment Effect example
“A little knowledge is a dangerous thing,” let me tell you how. Suppose you and your sibling decide to learn a new language; you start separately at your own pace.…
Do you know why cake mixes was not intially a huge success? Back in the 1950’s Betty Crocker instant cake mixes were introduced for the first time. Contrary to the…
