https://gurwinder.substack.com/p/why-smart-people-hold-stupid-beliefs
Cognitive biases
- spotlight bias
- status quo bias
- ownership bias - when we feel we “own” an activity, it becomes harder to uncommit.
- illusion of attention: we are confident that we notice everything in front of us, despite only seeing what we are focused on. The gap between perception and reality is often forgotten.
To avoid the sunk-cost bias:
- If I weren’t already invested, how much would I invest in it now?
- If I pulled the plug now, what else could I do with the resources that have been freed up?