Related Biases
- Overconfidence bias often serves to increase the effects of escalating commitment - causing decision makers to refuse to withdraw from a losing situation, or to continue to throw good money, effort, time and other resources after bad investments.
- People often tend to ignore base rates or undervalue their effect. For example, if one is competing against individuals who are already winners of previous competitions, one's odds of winning should be adjusted downward considerably. People tend to fail to do so sufficiently.
Read more about this topic: Overconfidence Effect
Famous quotes containing the words related and/or biases:
“No being exists or can exist which is not related to space in some way. God is everywhere, created minds are somewhere, and body is in the space that it occupies; and whatever is neither everywhere nor anywhere does not exist. And hence it follows that space is an effect arising from the first existence of being, because when any being is postulated, space is postulated.”
—Isaac Newton (1642–1727)
“A critic is a bundle of biases held loosely together by a sense of taste.”
—Whitney Balliet (b. 1926)
Related Phrases
Related Words