Sunk cost fallacy
Topic
The sunk cost fallacy is a cognitive bias where individuals continue an endeavor or investment because of previously invested resources, such as time, money, or effort, even when continuing is no longer beneficial. This behavior is driven by an aversion to loss and a desire to avoid feeling that past investments were wasted. In rational decision-making, only prospective future costs and benefits should be considered, while past sunk costs should be ignored.
What experts have said about Sunk cost fallacy
1 statement · 1 positive
Past parking payments should not determine whether someone takes a better free space.
“obviously you take the free space because the money you paid is already gone.”
Open the episode · The Quitting Expert: Sunk Costs Are Keeping You TRAPPED, Quit Before AI Comes! | Seth GodinListen at 48:21
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
