24min chapter

The Decision Education Podcast cover image

Episode 020: The Science of Changing Course with Dr. Jennifer Lerner

The Decision Education Podcast

CHAPTER

The Impact of Sunk Cost Bias on Decision-making in Leadership

The chapter discusses the concept of sunk cost bias in decision-making, particularly focusing on how leaders tend to stick to failing courses of action due to concerns about reputation. It explores various experiments designed to test this bias and sheds light on the complex relationship between decision makers and observers. Strategies for making better decisions, such as pre-committing to a course of action and incentivizing honest feedback, are also addressed.

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode