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[17] [18] This is the sunk cost fallacy, and such behavior may be described as "throwing good money after bad", [19] [14] while refusing to succumb to what may be described as "cutting one's losses". [14]
Economists and behavioral scientists use a related term, sunk-cost fallacy, to describe the justification of increased investment of money or effort in a decision, based on the cumulative prior investment ("sunk cost") despite new evidence suggesting that the future cost of continuing the behavior outweighs the expected benefit.
Escalation of commitment, irrational escalation, or sunk cost fallacy, where people justify increased investment in a decision, based on the cumulative prior investment, despite new evidence suggesting that the decision was probably wrong. G. I. Joe fallacy, the tendency to think that knowing about cognitive bias is enough to overcome it. [65]
It’s why our basements and garages and closets fill up with stuff that we just can’t seem to part with. You’ve probably heard of the Sunk Cost Fallacy, Endowment Effect and of course, FOMO ...
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The sunk-cost problem helps explain why it was so hard to end that war. It is worth considering this problem as we reflect on current wars. The sunk-cost fallacy applies in our thinking about the ...
Naturalistic fallacy fallacy is a type of argument from fallacy. Straw man fallacy – refuting an argument different from the one actually under discussion, while not recognizing or acknowledging the distinction. [110] Texas sharpshooter fallacy – improperly asserting a cause to explain a cluster of data. [111]
This could be because of the sunk-cost fallacy. It’s a term borrowed from the finance world, but you don’t have to know a ton about economics to get it. ... But an extended bad period coupled ...