I want it too
If an entrant wins a car in a lottery, research suggests their neighbours become more likely to buy one too, blogs Evolving Economics. It cites a well-known study on a special, neighbourhood-based Dutch lottery to demonstrate peer effects - or how we are influenced by those around us. The blogger suggests an additional experiment tracking what happens when a neighbour buys a car (rather than wins one) could be interesting.
Seeking out information that agrees with our ideas rather than information that doesn’t can lead to poor decision making, an article on PsyBlog says. Known as confirmation bias, the blogpost refers to a study that found a link with the thinking trap and overconfidence in investing. The post warns: “It seems we like to be right, even if it costs us money.”
Promotion not prevention
Negotiating for a pay rise, a good price or something else is a skill that doesn’t come naturally to many people, blogs author Heidi Grant Halvorson for the Huffington Post. But she describes a “1-minute method for negotiating like a boss”. Citing research out of Columbia University, the blog says focusing on what can be gained if the negotiation is successful (known as being “promotion-focused”) rather than what might be lost if it is unsuccessful (“prevention-focused”) can help bring your goals to the fore.