Good decisions can be taken as well as can be bad decisions. You can research many good tips to prevent yourself and learn how to take those good decisions.
But why not to learn how to avoid bad decisions? Daniel Kahnemann and Amos Tversky always studying how people make decisions, found this common and big traps that people use to have when making decisions. Overconfidence bias, hindsight bias, anchoring bias, framing bias, and escalation of commitment.
In this paper, I am going to talk about Escalation of Commitment.
ESCALATION OF COMMITMENT
It is referred as escalation of commitment when a person/ individual dedicates time, money, or effort into an already failed action or object.
It can be defined as a situation where a failing …show more content…
He finished college when he was 29 years old though. How did that happen? Not because of money, time, opportunity issues; but because of decisions.
His dad was an engineer. And as his son he always wanted to make his dad proud and happy. He knew he always liked maths, but he also knew he liked a lot Arquitecure and it catch his attention a lot. When it was the final moment of deciding his career, he just went for it and enrolled himself into engineering, that way his dad was going to be proud and they would be working together. His dad, was not pushing him against that decision. On the other hand, his dad just wanted what was best for him and what would make him happy.
After a semester he started realizing that college was hard for him not just talking about grades, homework but also it was so not interesting for him. He did not want to go. Ever. He was having the worst time of his life and he spent two years pushing it so hard.
His parents talked to him because they realized something was wrong, when looking at his grades and performance on college they assumed his son was going through something.
He finally talked to them about this decision he made and the reason of
But why not to learn how to avoid bad decisions? Daniel Kahnemann and Amos Tversky always studying how people make decisions, found this common and big traps that people use to have when making decisions. Overconfidence bias, hindsight bias, anchoring bias, framing bias, and escalation of commitment.
In this paper, I am going to talk about Escalation of Commitment.
ESCALATION OF COMMITMENT
It is referred as escalation of commitment when a person/ individual dedicates time, money, or effort into an already failed action or object.
It can be defined as a situation where a failing …show more content…
He finished college when he was 29 years old though. How did that happen? Not because of money, time, opportunity issues; but because of decisions.
His dad was an engineer. And as his son he always wanted to make his dad proud and happy. He knew he always liked maths, but he also knew he liked a lot Arquitecure and it catch his attention a lot. When it was the final moment of deciding his career, he just went for it and enrolled himself into engineering, that way his dad was going to be proud and they would be working together. His dad, was not pushing him against that decision. On the other hand, his dad just wanted what was best for him and what would make him happy.
After a semester he started realizing that college was hard for him not just talking about grades, homework but also it was so not interesting for him. He did not want to go. Ever. He was having the worst time of his life and he spent two years pushing it so hard.
His parents talked to him because they realized something was wrong, when looking at his grades and performance on college they assumed his son was going through something.
He finally talked to them about this decision he made and the reason of