The most common biases
- You’re focused on the time and energy you’ve already invested, or the sunk cost fallacy.
- Your eyes are trained on positive cues -being overly optimistic and loss averse. Always trying harder and for longer.
- When we realize we’re likely to fail at a job or other endeavor, we begin to see that goal as even more valuable than it was initially.
- FOMO—and the fear of making a mistake.
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Common Explanations for Status Quo Bias
These explanations are all irrational for preferring the status quo:
- Loss Aversion: When we make decisions, we weigh the potential for loss more heavily than the potential for gain.
- Sunk Costs: We continue to invest resources like time, mone...
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