The Sunk Cost Fallacy
Human decision making is influenced by a number of factors, many of which are not necessarily rational. In fact, many decisions are clouded by a phenomenon known as the “Sunk Cost Fallacy” – where a person’s previous emotional connections to something make it harder to abandon that thing or idea. Even though the facts might argue for a person to give up on an idea or project, the fact that he or she had put time and effort into the project makes it impossible to assess the situation objectively. In other words, a person’s prior history affects his or her current decision making.
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