Chapter
The Dangers of Sunk Cost Bias
32:41 - 40:18 (07:37)
Sunk cost bias is the tendency to continue investing in a losing proposition because of an already incurred cost, even when it is not essential. This bias can lead to wasted time, money, and energy that could be used elsewhere.
Clips
Sunk cost bias leads people to continue investing resources into something that is a losing proposition due to previous investments, even if it seems illogical.
32:41 - 34:30 (01:49)
Summary
Sunk cost bias leads people to continue investing resources into something that is a losing proposition due to previous investments, even if it seems illogical. This phenomenon is well-explained by the odd story of a man who spent his entire life savings trying to win an oversized banana at a carnival game.
ChapterThe Dangers of Sunk Cost Bias
Episode#328: How to Say “No” Gracefully and Uncommit
PodcastThe Tim Ferriss Show
Sunk cost bias is just one of many non-essentialist traps to watch out for when working on a project.
34:30 - 37:47 (03:17)
Summary
Sunk cost bias is just one of many non-essentialist traps to watch out for when working on a project. Focusing on what truly matters and being willing to cut your losses can lead to greater productivity and success.
ChapterThe Dangers of Sunk Cost Bias
Episode#328: How to Say “No” Gracefully and Uncommit
PodcastThe Tim Ferriss Show
This podcast episode explores how people often choose experiences based on cost rather than enjoyment, and the psychological factors that influence these decisions.
37:47 - 40:18 (02:31)
Summary
This podcast episode explores how people often choose experiences based on cost rather than enjoyment, and the psychological factors that influence these decisions.