Address sunk cost fallacies in decisionmaking from "summary" of Feeling Great by David Burns
When you're faced with a decision, it's important to consider the options without being swayed by past investments. This is known as the sunk cost fallacy. The sunk cost fallacy occurs when you consider the time, money, or effort you've already put into something as a factor in your decision-making process. For example, imagine you've spent hours researching and planning a vacation to a beach resort. However, as the date approaches, you realize that the weather forecast is predicting rain for the entire week. Despite this new information, you may feel inclined to go on the vacation anyway because you've already invested so much time and effort into planning it. This is a classic example of the sunk cost fallacy in action. To address sunk cost fallacies in decision-making, it's important to focus on t...
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