Three researchers from the INSEAD business school and the Wharton School at the University of Pennsylvania conducted three studies with the goal of reducing bias by encouraging mindfulness. The studies, covered by Psyblog, focused on the economic problem of sunk costs, or the tendency to try to justify past decisions by “throwing good money after bad.” It is a powerful psychological bias that I have written about recently. In the first study, the researchers noted that mindfulness as a trait...
