What happens if you 'go with the crowd' on Xmas day? ๐๐คช๐ฅ๐ค
๐ ๐ฝ๐คฏ๐
Well...
Have you heard of the 'Abilene Paradox'? ๐ค
My final 2021 article for Property Investor News is actually perfect to reflect what can happen on Xmas day, if people don't speak up! And of course, what happens in property investment...
The Abilene Paradox describes a situation where โa group of people collectively decide on a course of action that is COUNTER to the preferences of many or all of the individuals in the group.'
'It involves a common breakdown of group communication in which each member mistakenly believes that their own preferences are counter to the group's and, therefore, does not raise objections.โ [Kahneman]
At Christmas, this could just mean ending up with no gravy ๐ or going out for a walk even though nobody actually wants to โโโ
๐จ In property, this could mean you losing all your investment ๐จ
๐ Because we follow what others are doing instead of conducting our own due diligence/listening to our doubts
๐ We don't ask enough questions
๐ We invest in the brand over the numbers
Check out the full article now to see how you can avoid this trap!
Thanks to Amy Rowlinson for first giving me the inspiration for this one, it's just so true to property investment...
Have you experienced the Abilene Paradox? Or are you a conscious objector?
Richard Bowser and Fiona Childerstone
Comments