Quotes About Sunk cost fallacy

Its cost is "sunk" and the Econ would not care whether he had bought the ticket to the game or got it from a friend (if Econs have friends).

Quitting is hard, too hard to do entirely on our own. We as individuals are riddled by the host of biases, like the sunk cost fallacy, endowment effect, status quo bias, and loss aversion, which lead to escalation of commitment. Our identities are entwined in the things that we're doing. Our instinct is to want to protect that identity, making us stick to things even more.

Or we don't leave a career we spent years training for, because that would mean our training was for nothing. Or we keep watching a bad movie because of the time we've already spent watching it.

It's fine to experience regret when we abandon a sunk cost. It's a mistake to stick with one simply because we can't bear the regret.

Concorde fallacy," the conviction that it's less wasteful to keep on throwing money into a failing project than to cut your losses and do something else.