Sunk Cost Fallacy
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Sunk Cost Fallacy
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If you’re digging a hole in the wrong place, it doesn’t matter how deep you’ve dug… it’s still the wrong hole!
This episode is all about continuing to stay on a course of action despite it being more beneficial to quit. You might try to rationalise the situation by saying since the spent cost can't be recovered, you might as well stay the course and/or allocate additional resources to try to make things work… however is that the right decision for you??
Jac & Ral both share examples of embracing sunk cost fallacy – and how to know when to hold them, how to know when to fold them and how to know when to walk away! Sing it out loud Kenny!!
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Produced by Keehlan Ferrari-Brown