Cognitive Biases
Dunning-Kruger Effect
A cognitive bias in which people wrongly overestimate their knowledge or ability in a specific area.
This tends to occur because a lack of self-awareness prevents them from accurately assessing their own skills.
Dunning–Kruger Effect - The Decision Lab
Logical Fallacies
Sunken Ship Fallecy
A cognitive bias that causes people to keep investing in something even when it’s no longer beneficial.
It’s also known as the “Concorde fallacy.”