Ori Brafman and Rom Brafman, 2008.
These brothers offer an attractive read that is notably more compelling than most pop-psychology fare. While the book does not clearly delineate a list, MC has bucketed the irrational factors referenced in the book. They include:
1. Loss aversion — the tendency to overemphasize what will be lost, at the expense of what may be gained.
2. Commitment — aka sunk cost. Similar principle to the above, but with time and reputation.
3. Value attrition — favoring preconceived traits and circumstances over objective facts.
4. Diagnosis bias — our reluctance to change our minds once we have decided on someone or something.
5. Rose-colored glasses — dismissal of info that contradicts our hopes. Overestimating our objectivity.
6. Chameleon effect — predilection to act as we are treated / perceived. Self-fulfilling prophecies–how your behavior can change an outcome.
7. Procedural justice –the value of a fair process. Willingness to punish someone at our own expense.
8. The disincentive of money to altruism. Paying people for certain sacrifices can backfire as repulsion.
9. Dissension, and the value of blocking — even incompetent and erroneous blocking. Breaking the spell of groupthink.
Which one sways you the most? Write to us!