Introduction In the realm of decision-making, humans are not always as rational as they believe themselves to be. Deep-rooted cognitive biases often shape our choices, leading us astray from logical thinking and optimal outcomes. One such bias, the Commitment and Consistency Bias, holds great significance in understanding the human mind’s intricate workings and the factors […]
Introduction In today’s fast-paced and interconnected world, decision-making plays a crucial role in both our personal and professional lives. The ability to make sound choices is essential for achieving our goals and navigating the complex array of options that surround us. However, our decisions are often influenced by various mental biases that can lead us […]
Introduction In the realm of decision-making, our minds are subject to various cognitive biases and fallacies that can often lead us astray. One such powerful mental model is the concept of switching cost. Switching cost refers to the perceived or real expenses, both tangible and intangible, associated with changing from one option to another. These […]