Commitment effect ⛓
🧠 Psych - 86 / 100
Hey, there.
Today, we will be talking about the Commitment effect ⛓.
What is it?
We sometimes prefer to sticking to the same old plan even though we know it doesn’t give us the desired outcome.
Examples -
You will notice that your parents or people who older around you, prefer NOT to do something new like investing in cryptocurrencies.
Where does it occur?
Places where you might have committed to something and you continue to do it even though it’s not something that you enjoy doing anymore.
What commitment bias comes down to is that we are constantly trying to convince ourselves and others that we are rational decision-makers. We do so by maintaining consistency in our actions, as well as by defending our decisions to the people around us, as we feel that this will give us more credence. [1]
Why do I need to know?
Avoiding commitment bias isn’t always easy. For one thing, it involves going against our natural drive for consistency. For another, it can make us worry that others will think poorly of us for making bad decisions.
Furthermore, while we worry that others will think less of us if our decisions lead to negative outcomes, people actually tend to have more respect for those who are able to admit that they made a mistake.
Takeaways: -
Stop worrying about what others would say if you admit your mistake.
Focus on the good that comes from changing your behavior.
References & Studies: -
https://thedecisionlab.com/biases/commitment-bias/
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