Recent psychological research suggests that when it comes to risky behaviour we are more objective in evaluating whether other people are sensible in taking certain risks than in deciding whether we can take those risks ourselves. Cognitive bias creeps in it seems when we make decisions about ourselves (For a more comprehensive analysis of the research go to:Why Do People Take Risks?).
So what should you do if you are trying to assess whether to take a risk?
One thing you could try would be to ask yourself:
'Would I recommend to a friend in my position that they take this risk?'
This may help you to distance yourself from the likelihood of subjective cognitive bias creeping into your decision, though I'm not guaranteeing it will be foolproof!
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