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Imagine that a CEO thinks that the software industry is lucrative and decides that the company should invest all its money in that industry because
Imagine that a CEO thinks that the software industry is lucrative and decides that the company should invest all its money in that industry because he can easily think of the successful exemplars such Microsoft and Oracle. The CEO doesn't do research on the issue; he just knows that he can easily think of these successful software companies. His judgment is likely being affected by:
- Anchoring and adjustment
- The availability heuristic
- Sunk costs
- Status-quo bias
- The representativeness heuristic
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