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100 Great Business Ideas by Jeremy Kourdi

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In practice

The way that people think, both as individuals and collectively, affects the decisions they make, in ways that are far from obvious and rarely understood. John S. Hammond, Ralph L. Keeney, and Howard Raiffa recognized the following traps in decision making (see “The hidden traps in decision making,” Harvard Business Review, September–October 1998).

   The anchoring trap is where we give disproportionate weight to the first piece of information we receive. The initial impact of the first information, our immediate reaction to it, is so significant that it outweighs everything else, “drowning” our ability to evaluate a situation.

   The status quo trap biases us toward maintaining the current situation—even when better alternatives ...

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