Empathy Gap
An alcoholic listened with horror as his friend described some of the behavior he had seen from drunkards. "I wouldn't do that if I were drunk," he asserted. His friend gave him a sharp look. "If you were drunk, you'd be drunk! You can't predict what you would do when you aren't in that state." - Chafetz Chaim
Financial applications:
Assuming you won’t panic sell a stock.
Underestimating the power of peer pressure.
Not being wary of scams.
Shopping when hungry.
Plan ahead when you’re calm so you’re better prepared.
For more, see this article:https://www.asherfurst.com/money-guides/common-cognitive-biases-part-2
