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Let's discuss the Sunk Cost Fallacy
Our life decisions are based on an array of conditions.
Written by: Keshni Gami
Written on: April 6, 2024
Updated on: July 3, 2024
Written by: Keshni Gami | Written on: April 6, 2024 | Updated on: July 3, 2024
Quick Read
- The Sunk Cost Fallacy involves continuing an action due to prior investment (time, money, effort), even if it's no longer beneficial.
- This fallacy occurs because humans dislike wastefulness and tend to weigh losses more heavily than potential gains.
- The Sunk Cost Fallacy has links to mental health conditions like eating disorders and depression.
- Identifying and managing the fallacy involves self-reflection, acknowledging emotional investment, and being honest about whether current commitments serve your goals.
- Overcoming the Sunk Cost Fallacy requires focusing on present and future impacts rather than past investments, and being willing to let go of unproductive commitments.
Contents
- 1. What is The Sunk Cost Fallacy
- 2. Why does the fallacy occur?
- 3. Does mental health affect the Fallacy?
- 4. Identifying & Managing the Sunk Cost Fallacy
