Sunk Cost Fallacy is the phenomenon in which a person persists with a failing strategy or course of action, not because it remains effective, but because they have already invested significant time, money and energy in it. Even when abandoning it would clearly yield better outcomes.
In Simple Terms The Dunning-Kruger effect is a cognitive bias where people who know very little about a subject tend to overestimate how skilled or knowledgeable they actually are. It is worth noting that none of us are immune to this trap, the Dunning-Kruger can affect anyone, regardless of intelligence
In Simple Terms Illich's Law states that beyond a certain threshold of time spent on a given task, efficiency begins to decline and continued effort ultimately becomes counterproductive.
In Simple Terms The Barnum effect, also known as the Forer effect, is a psychological phenomenon in which people rate vague, broadly applicable personality descriptions as highly accurate. This effect helps explain, at least in part, why paranormal beliefs and practices such as astrology or fortune telling enjoy such widespread
In Simple Terms The toupee fallacy is a cognitive bias in which individuals judge an entire category as low quality, poorly made or unreliable, simply because they only notice the failed examples, while the successful ones go undetected.