For those who’ve continued with a choice or an funding of time, cash, or assets lengthy after you need to have stopped, you’ve succumbed to the ‘sunk price fallacy’ (Ronayne, Sgroi, & Tuckwell, 2021).
You’re not alone; most of us have.
This cognitive bias is commonplace. Psychology acknowledges that to keep away from being overwhelmed and efficiently negotiate our surroundings, we should make highly effective–usually rapid–selections (Szpiro, 2020).
Nevertheless, there’s a drawback – such selections are sometimes mistaken.
This text helps us perceive the character of the sunk price fallacy, its influence, and the way we will help ourselves, our colleagues, and our shoppers spot and handle it higher.
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