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How to make rational decisions
The role of biases in decision-making
The impact of social norms on decision-making
1. Sunk Cost Fallacy
When we have invested so much over something, it's hard to let it go even if that investment is already obviously losing. We're at the risk to pour in additional investment, do more and add more resources which in the long run will only cost us more.
Grit is good but know when to quit and learn when to cut lossess.
7
76 reads
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Carnegie Mellon psychologist Vicki Helgeson has found that when people give continually without concern for their own well-being, they’re at risk for poor mental and physical health. Yet when they give in a more otherish fashion, demonstrating substantial concern for t...
ADAM GRANT
7
45 reads
2. The Power of Powerless Communication
Overconfidence and aggression in relaying a point almost always never works because the listener begins to brush off your arguments as condescending and they will respond defensively.
Powerless communication opens another's ears to hear you out as the listener doesn't feel threatened. Speak...
8
44 reads
3. Otherish giving
Giving can be burnout-inducing especially when you're only selflessly giving and not receiving anything as other people keep taking from you.
Striking a balance to also promote what's beneficial to you will keep you encouraged and keep your energy up on giving endlessly.
4
36 reads
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11. Sunk Cost Fallacy:
People continue to invest in a decision or project based on the resources already committed, even when it's clear that further investment won't lead to better outcomes. For instance, you might keep pouring money into a failing business because you've already invested a significant amount.
The sunk cost fallacy
It plays on this tendency of ours to emphasize loss over gain.
The term sunk cost refers to any cost that has been paid already and cannot be recovered. The reason we can't ignore the cost, even though it's already been paid, is that we're wired to feel loss far more strongly than g...
Sunk cost fallacy
The idea is once we are invested in something, we become less likely to abandon it, even if it is clear that it will ultimately fail.
We frequently lose more if we don't make the hard decision to cut our losses.
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