Dan Ariely demonstrated a slightly modified example of a sunk-cost bias experiment at his SXSW session in Austin.
He offered to auction off his $20 bill in an auction where the only rule change was this: The second highest bidder had to cough up their bid amount, and receive nothing in return. He opened the bidding [...]
First, why bother trying to understand and improve the way you make choices?
You’re alive, right? You have food, you have shelter, you have something to keep you busy when you’re not spending time reading your stream of “new media”.
Can it get any better?
Only you know the answer to that. Is it your career path? [...]
Lets start at the very beginning…
Problem? – Choices being made by us as individuals, and groups, that are NOT in our best interests. Our goals are either not clear, or when they are, we don’t fully explore the alternatives available to us.
Solution? – Understand the internal and external forces and habits bending us towards suboptimal [...]