Builder beware

If you’re making an important decision, be aware there are cognitive biases or traps that can prevent you from making the best choice or worse, put your life at risk.

One such bias is the IKEA effect, in which consumers place a disproportionately high value on products they help create. The name is derived from the Swedish furniture retailer IKEA, which sells products that require assembly.

A similar bias is the loss aversion/sunk cost trap, which comes into play if you’ve invested time, money, or other resources that your decision affects.

Our friend and thought leader Brent Snow has spent a career teaching executives how to make make the best strategic decisions possible. On the trip of a lifetime earlier this year, his keen awareness of decision traps likely saved his life.

Find out why …