Learn how the ratchet effect influences economic processes, consumer behavior, and market dynamics, with examples from political economy and business sectors.

When an accident happens, people know they should ask for help. Whether that’s calling emergency services or finding someone who’s in charge, the intention to help can exist. But then, everyone stands ...

Imagine making a crucial decision only to realize later that your choice was heavily influenced by the first piece of information you encountered. This cognitive bias, known as the anchoring effect, ...

Forbes contributors publish independent expert analyses and insights. Bryce Hoffman writes about leadership, strategy, and decision making. The anchoring effect refers to our tendency to rely too ...

Forbes contributors publish independent expert analyses and insights. Bryce Hoffman writes about leadership, strategy, and decision making. Do you ever find yourself doing something simply because ...

The illusory truth effect is the tendency for any statement that is repeated frequently—whether it is factually true or not, whether it is even plausible or not—to acquire the ring of truth. Studies ...