Why would Harvard Business School MBA students pay as much as $204 for a $20 note?
The deeper the hole we dig themselves into, the more we continue to dig.
Ori Brafman and Rom Brafman
If you think you know how you think, you'd better think again!
Alan M. Webber
This week I am enchanted by a thoughtful and compelling book on behavioural science: Ori Brafman and Rom Brafman's Sway : the irresistible pull of irrational behavior (New York : Doubleday, c2008).
The hidden currents and forces that lead us to make irrational decision include loss aversion (our tendency to go to great lengths to avoid possible losses; thus we overreact to perceived losses), value attribution (our inclination to imbue a person or thing with certain qualities based on initial perceived value; thus we undermine invaluable evidence and information), and the diagnosis bias (our blindness to all evidence that contradicts our initial assessment of a person or situation; thus we listen only to our ego self).
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