Business Savvy
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Recallability
The recallability decision-making trap prompts us to give undue weight to recent dramatic events. Illustration: We were at the beach recently, and my son got stung by
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Prudence
Prudence leads us to be overly cautious when we make estimates about uncertain events. Illustration: You’ve invited 100 guests to a backyard barbeque party. You
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Framing: Seeing the Whole Picture
Framing occurs when we misidentify the problem, undermining the entire decision-making process. Illustration: There is a small fire in your kitchen over your stove. You
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Overconfidence
Overconfidence makes us overestimate the accuracy of our forecasts. Illustration: You just started a fitness routine and you dropped 3 lbs in 3 days. That
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Confirmation Bias
Confirmation Bias leads us to seek out information supporting an existing predilection and to discount opposing information. Illustration: You’ve just had a heated discussion with
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Sunk Cost
The Sunk Cost decision-making trap inclines us to perpetuate the mistakes of the past. Illustration: Dating relationships. We’ve all seen it. A couple that is
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Status Quo
The basic explanation of this trap is that we are biased towards maintaining the current situation, even when better alternatives exist. Illustration: We have a
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Anchoring: Hearing Both Sides
As we’re looking through the 8 psychological decision making traps, we’re starting off with what we call anchoring. Anchoring is what we do when we
![Five Stars](https://waxfamilyprinting.com/wp-content/uploads/2019/08/Quality-1200x800-300x200.jpg)
Quality as Habit
In the front of our office building in the lobby area, we have a lot of beautiful typographic signage with really powerful quotes. For instance,
![Heard of buffalo running](https://waxfamilyprinting.com/wp-content/uploads/2019/08/Buffalo2-1200x800-300x200.jpg)
Be the Buffalo
I’m in a peer advisory group with some other local business owners, and we have a saying that gets thrown around in our monthly meetings