How does one overcome his/her deep-seated belief in the sunk cost fallacy?
Question:
How does one overcome his/her deep-seated belief in the sunk cost fallacy?
Sunk Cost Fallacy:
The sunk cost fallacy arises either due to status quo bias or due to strong apprehensions about loss aversion. When an individual continues to carry out an action or the consumption of a good or service even if the same fails to provide any marginal benefit to the individual purely because incurred costs are sunk, the individual is said to be committing to sunk cost fallacy.
Answer and Explanation: 1
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View this answerSunk cost fallacy is very much prevalent in our everyday decisions. If there's something we need to get rid of, it is to not subscribe to any action...
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Sunk Costs: Definition & Examples
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Chapter 31 / Lesson 8Understand the sunk cost definition. Learn the meaning of sunk cost and sunk cost trap with the help of the sunk cost examples and sunk cost fallacy examples.
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