Xtra Bias

Xtra Bias

Time for Reflection

Has there been times when you wanted that extra bit or that add-on to motivate you to decide "in favour", maybe while shopping for your favourite dress, negotiating for your house with a realtor,  negotiating for your salary package with a new employer, or any other similar situation.

The above tendency to look for that extra bit is an indicator of presence of "Xtra Bias".

Definition

Xtra Bias is exhibited by a tendency to decide only when something "extra" gets provided.

Humans always want that something "extra" as part of the bargain or deal. This "extra" is what provides them look out for that something "extra" to allows to decide. Whether we go shopping, or negotiating or communicating, interacting/ connecting, we are always on the look out for that "add-on". Somehow, when we are affected with this bias, we see "value for money" proposition in our every deal.

The occurrence of bias may possibly be because of 

• self-centric or ego-centric natute of humans
• tendency to seek "value for money"  
• assumption that the things/ goods are over priced

This bias impacts us negatively by

• prompting us to undervalue things, though they may be rightly priced.
• overestimating our ability to negotiate a better deal

The bias also has a positive side by way of building our ability to manage a "Win-Win" scenario in every situation involving 2 or more stakeholders.

Few ways, the damage of "Xtra Bias" could be mitigated are

• be up-to-date date with the latest pricing trends 
• do a comparative before taking final decision
• opt for a trust worthy brand or a brand you trust