Such would be a notable example of cognitive bias interfering with rational fiscal decision making. I mentioned earlier about such biases resulting in poor investment results.

I recommend again "Thinking Fast and Slow"'s section on how cognitive biases interfere with sound money management. Being aware of them can be very helpful in countering one's own unhelpful tendencies. Interestingly, the book details how professional money managers fall victim to them, even when they are made aware of such biases.

This is one aspect where computer algorithmic investing can do better. One can dispassionately program out such biases.