Episode 3: What’s the Sunk Cost Fallacy?
About The Episode
Have you ever held onto something without it making much sense? Have you refrained from selling something you don’t need because you paid a lot for it when you first got it? Have you stayed with the wrong people who overstayed their welcome? Don’t worry. All of us do it. It’s called the Sunk Cost Fallacy.
In this episode, we dive into some examples from our lives as well as how you can probably escape the fallacy. If nothing, we talk about how to be more conscious about it. We’d love to hear from you too. Tell us about your experiences with Sunk Cost Fallacy and we’ll share them on our social media.
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00:20 What’s It About?
01:30 It Applies Everywhere
02:30 Some Anecdotes
04:00 Being On Autopilot Causes It
04:40 It’s About Acceptance of Sunk Costs
07:00 Learning To Quit
07:45 Cut Your Losses
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