The sunk cost fallacy is the tendency to continue investing in something — time, money, or effort — because of what you've already spent, even when continuing is clearly irrational.
Classic Examples
- Staying in a bad relationship because you've been together for years
- Finishing a terrible movie because you paid for the ticket
- Continuing a failing business project because of prior investment
- Holding a crashing stock to avoid "locking in" a loss
The Logic Error
Past costs are gone regardless of what you do next. The only rational question is: Given where I am now, what is the best path forward? Sunk costs are irrelevant to that calculation.
Why We Fall For It
- Loss aversion — losses feel worse than equivalent gains feel good
- Ego protection — admitting a mistake feels like failure
- Commitment and consistency bias — we want to appear consistent
Reference:
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