BIAS OF THE WEEK

Commitment Bias

Research suggest that managers who start a project are less likely to perceive that it is failing. They are more committed to it and are prone to continue funding it than managers who take the lead after the project has started.

Even if it could benefit us, we often hesitate to make decisions that contradict our past actions or statements.

See the full study here :

Schmidt, J. B., & Calantone, R. J. (2002). Escalation of commitment during new product development. Journal of the Academy of Marketing Science, 30(2), 103–118. https://doi.org/10.1177/03079459994362

 

Want to know more about biases?

Bandwagon Effect

Social Desirability Bias

Gambler’s Fallacy

Default Effect