Cautionary Tales with Tim Harford cover image

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.

Transcript
Play full episode

Remember Everything You Learn from Podcasts

Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
App store bannerPlay store banner