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Showing posts with the label sunk cost fallacy

Why we struggle to end unhealthy relationships

Human beings have a tendency to stick it out with costly decisions, and it can be attributed directly to the sunk cost fallacy. According to this psychological concept, the more we invest -- whether it be money, time, or emotions -- the less likely we are to abandon our initial choices. There are many examples of the sunk cost fallacy in action. For example, if you've invested $10,000 in a women's studies degree even though you recognize your job prospects following graduation are looking a tad bleak, you're likely to press on. Or, perhaps you've been waiting in the same line at the grocery store for nearly 10 minutes while others around you speed by. You've waited this long, so you refuse to budge. Or maybe you insist on getting through the final two chapters of the mediocre book you're reading, or wrapping up the last season of the show you've been watching for several years. After we commit, we tend to bind ourselves to our own decisions, an...