Quote by SHANE PARRISH - Deepstash
SHANE PARRISH

Avoiding sunk cost fallacy helps in making rational decisions based on current realities.

SHANE PARRISH

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Discover how to sharpen your mind and make better decisions with "Clear Thinking" by Shane Parrish, leveraging mental models and overcoming cognitive biases.

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6 of the largest decision-making blunders

6 of the largest decision-making blunders

  1. Sunk-cost fallacy. Present yourself with the new options at hand -- without considering the sunk cost.

  2. Narrow framing. When we're in situations that will repeat themselves over time, we should take a step back and play a game of averages...

The Sunk Cost Fallacy In Business

When running a company, many entrepreneurs fail to quit, change direction or pivot their business model, unable to admit that what they were doing isn’t working, or that they were plain wrong in their decisions.

The Sunk Cost Fallacy is the primary reason for this gross error in ju...

The most common biases

  • You’re focused on the time and energy you’ve already invested, or the sunk cost fallacy.
  • Your eyes are trained on positive cues -being overly optimistic and loss averse. Always trying harder and for longer.
  • When we realize we’re likely to fail at a job or other ...

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