Sunk Cost Fallacy
When we have invested some time, effort, or money, while the result is not as expected, we have tendency to carry on, because of that initial investment.
This is irrational because the expense has happened and we can’t change the past.
Decision about the future must be guided by expected cost and benefit from that point forward.
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The book is a compilation of 99 logical fallacies and thinking error. I put together only the most relevant to me in this list.
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Similar ideas to Sunk Cost Fallacy
11. Sunk Cost Fallacy:
People continue to invest in a decision or project based on the resources already committed, even when it's clear that further investment won't lead to better outcomes. For instance, you might keep pouring money into a failing business because you've already invested a significant amount.
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We want to finish what we've started because of previously invested resources, even if it is better to quit and use our limited resources elsewhere for better returns.
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But the reality is that no matter what you spend your time doing, you can never get that time ba...
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