Welcome to the Nexus of Ethics, Psychology, Morality, Philosophy and Health Care

Welcome to the nexus of ethics, psychology, morality, philosophy and health care

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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