This is the Second post in the Bias Study.
The Sunk Cost Fallacy is the concept where you stick to a decision because of all the time and effort already spent coming to a conclusion.
This doesn’t have to be a monetary issue. The sunk cost fallacy can pertain to emotional cost, or intellectual cost, or Time spent on something. Allot of times we hear this cost being talked about in terms of relationships, or projects.
Ever heard of “To Big to Fail” ?
So how can you counter the Sunk Cost Bias?
I think this is where Stoic philosophy can come into play. The concept put out of “Amor Fati”. or being in love with your fate. By understanding that the past is the past, and all we have is this current moment in time it may help pull you out of the Sunk Cost Fallacy.
So what your saying is that we shouldn’t take the past or future in consideration?
No, but you can’t let well intentioned past decisions run your life.
Nor can you let the threat of future troubles prevent you from making a choice.