Buried by the Wall Street Crash (Classic)
Cautionary Tales with Tim Harford
00:00
Cognitive Dissonance and Unyielding Belief
This chapter explores cognitive dissonance through the story of Dorothy Martin's UFO cult as they face the unfulfilled prophecy of an alien arrival. It illustrates how strong beliefs can lead individuals to double down on their convictions, despite contradictory evidence, mirroring financial misjudgments during the Wall Street Crash.
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