Introduction In the intricate realm of decision-making, our minds are often influenced by a cognitive bias known as the System Justification Theory. This mental model refers to our tendency to rationalize and defend existing social, economic, and political systems, even when they may not be in our best interests. Understanding this concept is vital as […]
Introduction In the realm of decision-making, there are various mental models that influence how we perceive and evaluate choices. One such model, known as “Deadweight Loss,” reveals the hidden costs and irrationality that can arise from our decision-making processes. This blog post aims to provide a comprehensive understanding of Deadweight Loss, its relevance in decision-making, […]