STREET DOGS: Decision bias and going with the herd or your gut

“Many of the biases that most of us believe are driven by limited cognitive ability are in fact driven by emotions,” says Eyal Winter the Silverzweig professor of economics at the Hebrew University.

He cites two examples: Herding behaviour is often believed to be a result of cognitive laziness. Instead of figuring out the right thing to do we choose the simpler option of following the crowd. However, we often follow the crowd because we fear regret.