Introduction In the complex landscape of decision-making, we often find ourselves facing a psychological phenomenon known as the Winner’s Curse. This mental model refers to a situation in which the winner of an auction or competitive bidding process tends to overpay or overvalue the object of desire. Whether it’s a personal life decision, a business […]
Introduction In the realm of decision-making, there exists a cognitive bias known as rent-seeking that often leads individuals and groups astray, prompting them to make choices that run contrary to their own best interests. Rooted in human psychology, rent-seeking refers to the pursuit of economic gain through non-productive activities, such as manipulating regulations, securing subsidies, […]