"Living a fully ethical life involves doing the most good we can." - Peter Singer
"Common sense is not so common." - Voltaire
“There are two ways to be fooled. One is to believe what isn't true; the other is to refuse to believe what is true.” ― Søren Kierkegaard

Monday, April 11, 2016

The Sunk Cost Fallacy

David McRaney
You are Not So Smart Blog: The Celebration of Self-Delusion
Originally published March 25, 2011 (and still relevant)

The Misconception: You make rational decisions based on the future value of objects, investments and experiences.

The Truth: Your decisions are tainted by the emotional investments you accumulate, and the more you invest in something the harder it becomes to abandon it.

The blog post is here.

Note: This heuristic may be one reason psychologists hang onto patients longer than required.
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