Tag: Sunk Cost Fallacy
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Burn the Boats
The “Burn the Boats” strategy emphasizes unwavering commitment by eliminating options for retreat. Historically associated with Hernán Cortés in 1519, this approach has been applied in contexts ranging from military engagements to business initiatives, highlighting the depth of dedication to achieving an objective.
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Cognitive Dissonance
The term cognitive dissonance describes mental tension experienced when holding contradictory beliefs. To relieve this unease, individuals often modify their attitudes or gather supportive information. The theory’s principles have broad applications, from decision-making to public policy.