“Rational decision making requires you to forget about the costs incurred to date. No matter how much you have already invested, only your assessment of the future costs and benefits counts”
“The sunk cost fallacy is most dangerous when we have invested a lot of time, money, energy, or love in something. This investment becomes a reason to carry on, even if we are dealing with a lost cause”
“This irrational behavior is driven by a need for consistency”
“If we decide to cancel a project halfway through, we create a contradiction”
“We’ve come this far …” “I’ve read so much of this book already …” “But I’ve spent two years doing this course …” If you recognise any of these thought patterns, it shows that the sunk cost fallacy is at work in a corner of your brain.”