from Fooled by Randomness

• Say you own a painting you bought for $20K, and due to rosy conditions in the art market, it is now worth $40K. If you owned no painting, would you still acquire it at the current price?

• If you would not, then you are said to be married to your position. There is no rational reason to keep a painting you would not buy at its current market rate.
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• -The information from an anonymous reader on Amazon.com is all about the person, while that of a qualified person is going to be all about the book.
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• -After collapse of the Soviet Union, many discovered an annoying part of its legal system. It had conflicting and contradictory laws.There is no central system that is consulted every time to ensure compatibility of all the parts together
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• Our minds are far more complicated than just a system of laws, and the requirement for efficiency is much higher. The absence of a central processing makes us engage in decisions which can be in conflict with each other.
• The fact that your mind cannot retain and use everything you know is the cause of such biases. This makes it blind to reasoning.