Episode 015: Temptation Bundling and Behavior Change with Dr. Katy Milkman
The Decision Education Podcast
Beware of Overconfidence
Overconfidence significantly contributes to various issues, including the escalation of commitment, where individuals persist with unwise decisions rather than quitting. It leads to the Planning Fallacy, where people underestimate the time required to complete tasks, such as home renovations or academic projects, often expecting to finish much sooner than is realistic. This misplaced confidence can result in investments in inappropriate life opportunities based on an overestimation of one's skills and information accuracy. While underconfidence also presents problems, overconfidence poses a greater concern due to its pervasive influence across many aspects of life.
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