Suppose a business man can sell some product for a dollar. Since the product is in high demand, it costs the businessman 97 cents to buy it to sell. The profit will be 3 cents per sale.
What is the commitment bias? The "Commitment bias is the tendency to be consistent with what we have already done or said we will do in the past, particularly if this is public. Inconsistency is not a desirable trait, thus people try hard to keep their promises and reflect consistency."
