No matter how intelligent one is, we all are susceptible to glitches in our thought process known as cognitive biases. Psychologists define cognitive bias in the following way:
"A cognitive bias is a type of error in thinking that occurs when people are processing and interpreting information in the world around them. Cognitive biases are often a result of our attempt to simplify information processing. They are rules of thumb that help us make sense of the world and reach decisions with relative speed. Unfortunately, these biases sometimes trip us up, leading to poor decisions and bad judgments."One such cognitive bias is something we may experience after splurging on items that we don't necessarily need and/or can't quite afford. You know the thought process that is your mind attempting to justify such a dubious purchase, all the while making major stretches? That is the aptly named cognitive bias known as "post-purchase rationalization." This is a method of making ourselves feel better after poor decisions, particularly as consumers.
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