Have you ever bought tickets to a concert, but just didn't feel like going once the date came around? If the money you spent on the tickets led you to suck it up and go anyway, you fell for the sunk-cost fallacy. This fallacy occurs when you make a decision based not on what's best for the future, but on a desire not to waste the time, money, or emotional investment you've already paid.
Julia Galef: The Sunk Costs Fallacy
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Key Facts In This Video
The sunk cost fallacy applies when you stay in an unfulfilling career because of how much time you've already put into it. 00:38
The sunk cost fallacy means making a choice based on a desire not to see your past investment go to waste rather than based on the best outcome for your future. 01:15
Sunk costs are painful, so it may take time to admit to yourself that there's no reason to stick to something you've been working on for a long time. 02:21
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