Some cost ballasties that we're making decisions obviously are irrational, but we're focusing on our past investment. We don't want to experience the pain and regret and shame of making mistakes. It's much easier to just keep doubling down on the status quo or something we're really attached to.
Dr. Charles and Dr. Brad talk about the usefulness (and lack thereof) of behavioral finance as it relates to financial planning practice. They then dive into several of the biases and heuristics that they see as most relevant to a practitioner and how each can be applied in practice.