The commitment bias is the tendency to stay aligned with a position or viewpoint. Once a position is established, we tend to keep the same opinion. This can be the “kiss of death” in the investment market where new information is always becoming available.
In politics, people who switch their position are tainted with the label of being a “flip-flop”. It’s how others use the crowd opinion to solidify someone else to their opinion or make that person appear unstable.
Being a “flip-flop” can actually be a positive characteristic. Why? Because new information could become available that causes the believer to assess the situation differently. I would argue that someone who never switches positions is unstable. If new and better information is available and the person doesn’t switch opinions, they are guilty of inflexibility and lack balanced thinking.
Recently, I’ve changed my viewpoint on the economy to a more bullish stance for a number of reasons. In March, the market plummeted and many “investors” (as opposed to speculators) ran away. Their commitment bias failed them and they lost out on great market gains since.
So be aware of the human tendency to the commitment bias. Sometimes that bias serves us well and other times it works against us. The main point is to be aware of it and engage in self-evaluation to determine what is appropriate. Don’t just let the bias take over with habitual reactions!
Be smart, be well-read, be aware and be successful.
