But omission-commission bias causes us not to view these decisions as equivalent. That's why we accept that explanation of "I'm not ready to make a d… - Annie Duke

Here's a secret: All guesses are educated guesses because there is almost no estimate you could make about which you literally know nothing.

Essentially, regardless of the history they have with the decision, they ask themselves, "If I were approaching this decision fresh, would I want to enter into this course of action?"

The endowment effect is a cognitive bias where we value something we own more than we would if we didn't own it. We can be endowed to objects but also to our own ideas and beliefs. Endowment is an obstacle to quitting because when we irrationally value things we own, we miscalculate their expected value. We might think the company we started or the project we devised or the belief we have is worth more than it actually is. We prefer to stick with the status quo. We are more tolerant of bad outcomes that come from sticking with what we are already doing than bad outcomes that come from switching to something new. This phenomenon is part of omission-commission bias. When you say, "I'm just not ready to decide yet," what you are really saying is, "For now, I am choosing the status quo." Even in highly data-rich environments like professional sports, sunk cost, endowment, and status quo bias distort decision-making.