This is so key…
***
An important differentiator between our selection process and the processes of the value managers we respect is the time and effort we spend on analyzing how psychological factors affect decision making. A number of different factors cause people to systematically make mistakes in judgement – just to name a few:
- People tend to think every new idea is a good idea.
- Once someone has invested a lot of time researching an idea, he cannot view conflicting facts objectively. Effort “becomes” reality.
- People cannot accept that a decision they made in the past might have been a mistake and will distort the current reality to make the prior decision seem logical.
- People illogically reciprocate very small gifts or favors.
***
From The Psychology of Errors – Cook & Bynum, July 2007
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