The act of downplaying, denying, or minimising the significance of opposing evidence and

logical reasoning is known as self-deception. Persuading oneself that something is real (or
incorrect) while concealing one's self-knowledge of the falsehood is a form of self-
deception. The basis of self-deception appears to be the mind's ability to inhibit
consciousness in order to lessen concern.
When we realise that we are lying to ourselves, we may recognise it. Our words and feelings
will be dramatically at odds with one another, we will cease asking others for advice on our
problems, our actions won't line up with our statements.
We dismiss and twist the truth to feel more relaxed, particularly when reality threatens our
self-interest.

In the movie Boiler Room, this bias is depicted in the scene where Henry saw the company’s
stock were down by 5% and still when he called Seth for selling the stocks he got convinced
for buying more stocks of the same company. He invested his life savings in the same stock
and when his wife confronted him on how he can do this, he stayed in denial and was
actually trying to convince his wife that the prices will shoot and he will get great returns
out of this stock even when he himself was not really sure of it and had played the biggest
bet of his life by trusting a stranger and ignoring how the stock was already down by 5
points. He later loses his entire money when the stock crashed by 83%.
This is a classic example of how a person can stay in denial and be deceive oneself!

Foot-in-the-door(FITD) technique is a compliance tactic that aims at getting a person to

agree to a large request by having them agree to a modest request first.
This can be seen in the scene where Seth first asked Henry to buy only 100 shares to see for
himself how he will get greater returns and then made him buy the same stocks worth 50k
dollars later.

Bias from Deprival Syndrome is observed when Chris convinced the doctor to
buy the stock by making him realise that if he doesn’t buy it then other doctors
will buy it and he will be deprived of the huge profits that this company will
make, which ultimately made the doctor buy the shares.