There are several ideas and theories presented in the article which may be helpful in some cases but quite confusing in others. . The article as a whole effectively explains the problem of cognitive dissonance in behavioral finance but is also weak in presenting some arguments.
The article correctly presents that people perceive themselves positively and identify themselves to be intelligent, moral and competent and this perception limits the ability to reduce dissonance. The writer presents a notion that people tend to resist changes especially which threaten their personal beliefs and in doing so these people engage in confirmation bias. This is generally true but recent research on change management and the increased benefits of change have substantially decreased the level of resistance and people as managers working in organizations evaluate contradictory ideas in an unbiased manner.
The thought that it is difficult to work outside a specific established paradigm in researches carried out in universities and laboratories is quite accurate. The professors and scientists who supervise researches advise students to strictly follow research methodologies and avoid deviation from prescribed guidelines and principles. The supervisors are so strict that even the slightest change in methodologies may result in heavy grade penalties which force the researcher to carryout research in a close and controlled framework with little room for experimentation.
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