As I recall, experiments show that people who learn about anchoring are still susceptible to anchoring, but people who learn about the sunk cost fallacy are less likely to throw good money after bad.
Thanks. I guess it should be no surprise that people’s behavior on quizzes has very little effect on their behavior in real life. This shows that CFAR probably ought to find some way to test the effectiveness of their training other than by a written test.
As I recall, experiments show that people who learn about anchoring are still susceptible to anchoring, but people who learn about the sunk cost fallacy are less likely to throw good money after bad.
Sunk cost training has mixed results: http://www.gwern.net/Sunk%20cost#fnref37
Thanks. I guess it should be no surprise that people’s behavior on quizzes has very little effect on their behavior in real life. This shows that CFAR probably ought to find some way to test the effectiveness of their training other than by a written test.
Supportive anecdote: Since I started reading here, I’ve started to consciously see and avoid the sunk costs fallacy.
(as opposed to several other biases that I now see and recognize, but still don’t avoid, apparently because I am an idiot.)