Sympotoms
people with sunk cost fallacy tend to double ___
down
You buy a $15 ticket for a movie halfway through you're bored and unhappy but you stay because I already paid for it
The money is gone either way Staying only wastes more time and energy
This cause of the sunk cost fallacy is caused by spending more time doing the thing so they don't "lose
loss aversion
99 percent of gamblers ___ ____ ____ ___ ___
quit before they win big
this method set boundaries and makes you stop
establishing limits
people base decisions on the ____ instead of the ______
past future
You order a large expensive meal You're full halfway through but you keep eating because I don’t want to waste food I paid for
Eating more won’t get your money back it may actually harm your health
not waning to quit something because it feels like admitting you were wrong
Cognitive Dissonance
I need to see it through to ___ ___
The end
this method gets other peoples opinions to help
objective input
people fear wasting ___ ___ ______ so they continue
time and effort
You’ve been in a rocky relationship for years You stay because We’ve been together so long it would feel like all that time was for nothing
Past time is unrecoverable. Staying in a relationship that no longer works is pointless
if you are very emotionally invested it feels like your giving up on yourself
identity and Pride
I cant afford to ___ __ ___ __ __ _____
let it all go to waste
this method use past experience
learning from past mistakes
they start to __________ their decisions for continuing
rationalize
A company has spent millions developing a product all indicators show the market doesn’t want it the company pushes forward because We’ve already invested too much to quit now
Throwing more money at a failing venture because of past investment leads to bigger losses Decisions should be based on future potential not past costs
you fear that other might judge you and see quitting as failure
Social and Organizational Pressure
throwing good money after ___
bad
this method uses the math of the situation
using analytical tools
get mad when people suggest ______
quitting
You’ve spent 10 years and a lot of money training for a career you no longer enjoy You consider switching but you don’t because I’ve already put so much into this path
While the investment was significant your future well being and fulfillment matter more staying only out of guilt or past effort locks you into continued dissatisfaction
large groups of people frame giving up as wrong and it puts pressure on you
cultural expectations
the milk is already ____
split
this methods forces you to take a step back and realize how your time could be better spent
opportunity cost