Loss aversion – our tendency to go at great lengths to avoid possible losses
Commitment – the difficulty of letting go due to prior commitment or of the past even though the project is clearly failing or not working
Value attribution – our inclination to imbue a person or thing certain qualities based on initial perceived value
Diagnosis bias – our blindness to ignore all evidence that contradicts our initial assessment of a person or situation
Fairness – our deep-rooted desire for fair play
Group conformity – our need to fit with a group, especially if there is no other opposing or alternative opinions
It is a fairly short, but interesting read, with a wide number of interesting real life examples and controlled experiments to offer proof. In the epilogue, the authors offers some advise in dealing with this irresistible pull of irrational behavior.
If you like Malcolm Gladwell’s Blink and The Tipping Point, you will also enjoy this book. Highly recommended.