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The Sunk Cost Fallacy: Why We Become Deceived
Manage episode 327468922 series 2912726
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In this episode I talk about the Sunk Cost Fallacy. This fallacy is when a person refuses to abandon something because they have invested so much into it already.
Perfect examples of this are when you go to sports game and spend a ton of money on seats, and your favorite team is getting smoked, but you want to stay until the end because you payed good money. But, you already spent the money, nothing can change that, and what you don’t realize is you could do something more productive with that time.
Another example that I’ve heard a lot about is with relationships. When you have invested a year, two years, five years into a relationship, there’s this feeling of the need to stay in it because you’ve sacrificed so much of your time. And your thoughts of potentially hurting the person make the decision to end things too difficult for you to do.
If you have experienced this feeling of sunk cost fallacy in your life, highly recommend tuning in!
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