sunk costs,can sunk costs be recovered,can you capitalise sunk costs,can you avoid sunk costs,what's sunk cost,what sunk cost means,that sunk cost fallacy,why sunk costs are irrelevant for decision making,why sunk cost is irrelevant,why sunk cost are relevant to decision making,why are sunk costs relevant in decision making,why are sunk costs important,why should sunk costs be ignored,why ignore sunk costs,why are sunk cost irrelevant in decision making,why is sunk cost a fallacy,sunk cost are irrelevant for decision making,what's sunk cost,what sunk cost means,what are sunk costs in economics,what are sunk costs in accounting,what are sunk costs examples,what are sunk costs quizlet,what does sunk costs mean,what are sunk costs with reference to decision making,what are sunk costs in finance,what are sunk costs in project management,what are sunk costs pdf,what is sunk costs in pmp,what is sunk cost fallacy,what does sunk cost fallacy mean,what is sunk cost bias,what is sunk cost in hindi,what is sunk cost fallacy psychology,what is sunk cost in managerial accounting,what is sunk cost effect,what is sunk cost in management accounting,who sunk cost,that sunk cost fallacy,how sunk costs,what sunk cost means,how do sunk costs affect decisions,how to calculate sunk costs,how to avoid sunk costs,are sunk costs relevant,are sunk costs included in npv,are sunk costs relevant in decision making,are sunk costs fixed costs,are sunk costs opportunity costs,are sunk costs relevant in capital budgeting,are sunk costs part of opportunity cost,are sunk costs avoidable,are sunk costs easy to spot,are sunk costs a barrier to entry,are sunk costs fixed or variable,is sunk costs important,are cost sunk,is sunk cost and incremental cash flow,is sunk cost bias,what are sunk costs in economics,what are sunk costs in accounting,why are sunk costs irrelevant in decision making,what are sunk costs examples,what are sunk costs quizlet,when should sunk costs be considered,when are sunk costs omitted from decision analysis,when are sunk costs relevant,when are sunk costs relevant in decision making,when analyzing a project sunk costs,sunk costs for project management,sunk costs for,sunk cost for dummies,sunk cost for example,sunk cost for the project,sunk cost for entry,sunk costs in economics,sunk costs in capital budgeting,sunk costs in decision making,sunk costs in accounting,sunk costs in business,sunk costs in npv calculations,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in relationships,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk cost in finance,sunk cost in management accounting,sunk cost with example,sunk costs in economics,sunk costs in capital budgeting,sunk costs in decision making,sunk costs in accounting,sunk costs in project management,sunk costs in business,sunk costs in npv calculations,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in relationships,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk costs in,sunk cost in finance,sunk cost in management accounting,sunk cost in managerial economics,sunk cost in a sentence,sunk cost in engineering economics,sunk cost to french,sunk cost to,sunk costs in economics,sunk costs in capital budgeting,sunk costs in decision making,sunk costs in accounting,sunk costs in project management,sunk costs in business,sunk costs in npv calculations,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in relationships,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk cost with example,sunk cost in finance,sunk cost in management accounting,sunk cost in managerial economics,sunk cost in a sentence,sunk costs is an example of which type of bias,sunk costs is another name for,sunk costs are quizlet,sunk costs are,sunk costs are irrelevant to future decisions,sunk costs are best described as,sunk costs are omitted from decision analysis,sunk costs are ignored when evaluating alternatives,sunk costs are generally relevant to decisions,sunk costs are easy to spot,sunk costs are created in the short run by,sunk costs are in the capital budgeting analysis,sunk costs are never relevant to a decision,can sunk costs be recovered,sunk costs and market structure,sunk costs and opportunity costs,sunk costs and market structure by john sutton,sunk costs and npv,sunk costs and relevant costs,sunk costs and loss aversion,sunk costs and avoidable costs,sunk costs and antitrust barriers to entry,sunk costs and market structure pdf,sunk costs and decision making,sunk costs and contestable markets,sunk costs and market structure sutton,sunk costs and project management,sunk cost and choice,sunk cost and example,sunk cost and capital budgeting,sunk cost and cash flow,sunk cost and incremental,sunk cost and,sunk cost and accounting,sunk costs and market structure,sunk costs and market structure pdf,sunk costs and decision making,sunk costs and market structure by john sutton,sunk costs and loss aversion,sunk costs and antitrust barriers to entry,sunk costs and npv,sunk costs and the degree of contestability,sunk costs and contestable markets,sunk costs and market structure sutton,sunk costs and resistance to change,sunk costs and marginal analysis,sunk costs and externalities,sunk costs and market structure a review article,sunk costs and asset specificity,sunk costs and project management,sunk costs and firms,sunk and costs,sunk costs or sunk costs,are sunk costs fixed or variable,sunk costs vs opportunity costs,sunk costs vs fixed costs,sunk cost vs investment,sunk costs and market structure,sunk costs and market structure pdf,sunk costs and decision making,sunk costs and market structure by john sutton,sunk costs and npv,sunk costs and contestable markets,sunk costs and market structure sutton,sunk costs and project management,sunk cost and choice,sunk cost and example,sunk cost and capital budgeting,sunk cost and cash flow,sunk cost and incremental,sunk cost and,sunk cost and accounting,sunk cost and economics,sunk cost and meaning,sunk costs versus future costs and benefits,sunk costs vs overhead,sunk costs vs opportunity costs,sunk costs versus,sunk cost youtube,sunk cost fallacy youtube,sunk cost definition yahoo,sunk cost examples yourdictionary,sunk cost fallacy you,sunk cost yaitu,sunk cost zhongwen,sunk costs what costs do you sea,sunk costs wiki,sunk costs wikipedia,sunk costs what are,sunk costs wat is dat,sunk costs why is it important,sunk cost with example,sunk cost effect,sunk cost wine,sunk cost what means,sunk cost word,sunk costs change with the level of output,endogenous sunk costs wiki,sunk cost fallacy wiki,sunk cost fallacy wikipedia,explain sunk cost with example,a sunk cost would include which of the​ following,define sunk cost with example,sunk cost meaning with example,sunk cost bias wikipedia,sunk costs vs opportunity costs,sunk costs versus future costs and benefits,sunk costs vs fixed costs,sunk costs video,sunk costs vs overhead,sunk costs vs investment,sunk costs vs npv,sunk cost variable or fixed,sunk cost valuation,sunk cost value,sunk cost fallacy,sunk cost video game,sunk cost vehicles,sunk cost versus,sunk cost fallacy video,sunk cost book value,sunk cost economics video,sunk costs unavoidable,sunk cost urban dictionary,sunk cost use,sunk cost uk,sunk cost fallacy urban dictionary,sunk cost in urdu,understanding sunk costs,using sunk costs in a sentence,sunk cost uitleg,contoh sunk cost untuk perusahaan manufaktur,sunk costs rationalität und ökonomische theorie,sunk costs tutor2u,sunk costs theory,sunk costs the plan to dump the brent spar,sunk cost trap,sunk costs treated in managerial decision making,sunk costs template,sunk costs tax,sunk costs traducción,sunk transaction costs,sunk costs barrier to entry,sunk costs and the degree of contestability,no sunk costs twitter,sunk costs affect the determination of cash flows,sunk costs short term,sunk costs other terms,sunk costs another term,sunk costs are irrelevant to future decisions,sunk costs are irrelevant to economic decisions because,sunk costs change with the level of output,sunk costs are costs that quizlet,sunk costs should have,sunk costs should be ignored in capital budgeting,sunk costs synonym,sunk costs should have quizlet,sunk costs safe,sunk costs should be ignored,sunk cost syndrome,sunk cost slideshare,sunk cost short note,sunk cost spanish,sunk cost software development,sunk cost sample,sunk cost salary,sunk cost simple example,sunk costs are sometimes relevant for decision-making purposes,endogenous sunk costs sutton,sunk cost fallacy svu,sunk cost fallacy svu recap,sunk cost fallacy svu cast,sunk cost fallacy screen addiction,sunk costs quizlet,sunk costs quotes,sunk cost questions,sunk cost quora,sunk cost quiz,prospective sunk costs quizlet,sunk costs status quo,sunk cost fallacy quizlet,sunk cost definition quizlet,sunk cost economics quizlet,sunk cost fallacy quotes,sunk cost practice questions,sunk cost bias questions,sunk cost example questions,sunk cost exam question,sunk cost fallacy que es,sunk cost sample questions,fixed costs are sunk costs quizlet,sunk costs o que sao,sunk cost o que é,sunk costs psychology,sunk costs pmp,sunk costs personal life,sunk costs pdf,sunk costs project management,sunk costs po polsku,sunk costs project evaluation,sunk costs pmi,sunk costs project,sunk cost problem example,sunk costs in portuguese,sunk costs problems,sunk costs past,sunk costs profitability,sunk costs persuasion,sunk costs person,sunk costs prison,sunk cost principle,sunk cost ppt,sunk cost paradox,sunk costs relationships,sunk costs rationality and acting for the sake of the past,sunk costs real life examples,sunk costs relevant decision making,sunk costs reddit,sunk costs refer to,sunk costs retailers,sunk costs represent,sunk costs risks,sunk cost real estate,sunk cost reasoning,sunk cost r&d,sunk cost research and development,sunk cost rent,sunk cost relationship definition,sunk cost real life,sunk cost reporting,sunk cost runescape,sunk cost rail,sunk cost recovered,sunk costs of entry,sunk costs oil and gas,sunk costs of airline industry,sunk costs outsourcing,sunk costs oil,sunk costs of investment,sunk costs other terms,sunk costs of,sunk cost opposite,sunk cost of fallacy,sunk cost other name,sunk cost of college,sunk cost of education,sunk cost of a project,sunk cost opportunity,sunk cost or not,sunk cost on accounting,sunk cost organization,sunk cost of a product,sunk cost of information,sunk cost khan academy,sunk cost kid definition,sunk cost knowledge,sunk cost also known as,sunk cost eesti keeles,sunk cost bookkeeping,sunk costs koszty,sunk cost koszty utopione,sunk cost klr,sunk cost kostnader,sunk costs meaning,sunk costs microeconomics,sunk costs managerial accounting,sunk costs marketing,sunk costs monopoly,sunk costs market structure and growth,sunk costs matter,sunk costs meaning finance,sunk costs making decisions,sunk costs minimalism,sunk costs model,sunk costs media,sunk costs machinery,sunk costs machine,sunk costs meaning in marathi,sunk cost meaning in punjabi,sunk costs metafrash,sunk costs moving,sunk cost meaning and example,sunk cost meaning in malayalam,sunk costs là gì,sunk costs los,sunk cost logical fallacy,sunk cost loss aversion,sunk cost long run,sunk cost love,sunk cost list,sunk cost lietuviskai,sunk cost llc,sunk cost lesson,sunk cost lease,sunk cost loan,sunk cost lingue,sunk cost long term,sunk cost l,sunk cost layman's terms,sunk cost line,sunk cost literal meaning,sunk costs real life examples,sunk costs in life,sunk costs include any cost that,sunk costs in economics,sunk costs investopedia,sunk costs in decision making,sunk costs in capital budgeting,sunk costs in business,sunk costs in accounting,sunk costs in project management,sunk costs international relations,sunk costs in sports,sunk costs in npv calculations,sunk costs influence capital budgeting decisions,sunk costs in financial statements,sunk costs in relationships,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk cost investment,sunk costs journal articles,sunk cost journal entry,sunk cost jokes,sunk cost fallacy job,sunk cost jelentése,sunk costs npv,sunk costs npv analysis,sunk cost npv calculation,sunk cost natural monopoly,sunk cost nghia la gi,sunk cost nba,sunk cost note,sunk cost noun,sunk cost nederland,sunk costs are never relevant in decision making,sunk costs are not relevant in incremental analysis,sunk costs are not deductible for tax purposes,sunk costs are not relevant in capital budgeting,sunk costs are never relevant to a decision,sunk costs are not relevant for decision-making purposes,sunk costs vs npv,sunk costs another name,sunk cost short note,sunk cost in negotiation,sunk cost other name,sunk costs german,sunk costs government,sunk cost galaxy,sunk cost graph,sunk cost gw2,sunk cost galaxy reddit,sunk cost gambling,sunk cost fallacy,sunk cost games,sunk cost grad school,sunk cost give an example,sunk cost glossary,sunk cost goods,sunk general cost,sunk costs là gì,sunk costs are generally relevant to decisions,sunk cost fallacy gambling,sunk cost fallacy gaming,sunk cost fallacy google scholar,sunk cost are generally mcq,sunk costs fallacy,sunk costs formula,sunk costs finance,sunk costs fallacy definition,sunk costs fallacy examples,fallacy of sunk costs,sunk costs francais,sunk cost fallacy wiki,sunk costs framing,sunk costs film industry,sunk costs fallacy reddit,sunk costs financial definition,sunk costs fossil fuels,sunk costs funding,sunk costs firm,sunk costs funny,sunk costs for equipment,sunk costs for project management,sunk costs for,sunk costs failure,sunk costs examples,sunk costs economics,sunk costs economics help,sunk costs effect,sunk costs error,sunk costs econ,sunk costs explained,sunk costs examples real life,sunk costs errors example,sunk costs escalation of commitment,sunk costs examples business,sunk costs en francais,sunk costs equation,sunk costs experiment,sunk costs en espanol,sunk costs economy,sunk costs be,sunk costs example problems,sunk costs exist,sunk costs equal,sunk costs definition,sunk costs define,sunk costs decision making,sunk costs differ among the alternatives,sunk costs depreciation,sunk costs definition pmp,sunk costs don't matter,sunk costs decluttering,sunk costs definition and example,sunk costs dcf,sunk costs disadvantages,sunk costs definition in finance,sunk costs decision theory,sunk costs differ,sunk cost definition in accounting,sunk cost bias,sunk costs better call saul,sunk cost bias definition,sunk costs barrier to entry,sunk costs betekenis,sunk cost bias examples,sunk cost business,sunk cost bias in decision making,sunk cost bias psychology,sunk cost bias wikipedia,sunk cost business examples,sunk cost bias finance,sunk cost bias examples in business,sunk costs better call saul wiki,sunk cost balance sheet,sunk cost break even analysis,sunk cost bias relationships,sunk costs better call saul reddit,sunk costs business case,sunk costs behavior,sunk costs change with the level of output,sunk costs chegg,sunk costs capital budgeting,sunk costs cash flows,sunk costs contestable markets,sunk cost calculation,sunk cost cognitive bias,sunk cost concept,sunk cost curve,sunk cost concorde,sunk cost cfa,sunk cost chinese,sunk cost classified as,sunk costs better call saul,sunk costs are created in the short run by,sunk costs better call saul reddit,sunk costs av club,a sunk cost can be described as which of the following,sunk cost fallacy career,sunk cost fallacy car,sunk costs accounting,sunk costs are,sunk costs are irrelevant to future decisions,sunk costs are quizlet,sunk costs and opportunity costs,sunk costs are those costs that,sunk costs and market structure,sunk costs are in the capital budgeting analysis,sunk costs are also known as,sunk costs and market structure by john sutton,sunk costs and npv,sunk costs are generally relevant to decisions,sunk costs are irrelevant to economic decision-making,sunk costs and relevant costs,sunk costs are considered to be avoidable costs,sunk costs are chegg,sunk costs and loss aversion,sunk costs and avoidable costs,sunk costs and antitrust barriers to entry,sunk costs are ignored when evaluating alternatives,sunk costs fallacy,sunk costs definition,sunk costs examples,sunk costs tutor2u,sunk costs accounting,sunk costs better call saul,sunk costs economics help,sunk costs quizlet,sunk costs change with the level of output,sunk costs include any cost that,sunk costs are costs that ____,sunk costs are irrelevant to future decisions,sunk costs vs opportunity costs,sunk costs effect,sunk costs error,sunk costs in economics,sunk cost bias,sunk costs and opportunity costs,sunk costs define,sunk costs and market structure

Sometimes It’s Okay to Pull the Plug!: The Curious Case of Sunk Costs

Consider this simple thought experiment:

Assume that you have spent $100 on a ticket for a weekend ski trip to Michigan. Several weeks later you buy a $50 ticket for a weekend ski trip to Wisconsin. You think you will enjoy the Wisconsin ski trip more than the Michigan ski trip. As you are putting your just-purchased Wisconsin ski trip ticket in your wallet, you notice that the Michigan ski trip and the Wisconsin ski trip are for the same weekend! It’s too late to sell either ticket, and you cannot return either one. You must use one ticket and not the other. Which ski trip will you go on?

If you chose Michigan, you are like 54% of the respondents in this study who based their decision on the ticket prices.

This does not make sense, as you obviously derive more satisfaction from Wisconsin than Michigan, despite the higher price!

What just happened is referred to as sunk costs, which Ohio State University professors, Hal Arkes, and Catherine Blumer, describe as the ‘… greater tendency to continue an endeavor once an investment in money, effort, or time has been made. The prior investment, which is motivating the present decision to continue, does so despite the fact that it objectively should not influence the decision…the psychological justification for this maladaptive behavior is predicated on the desire not to appear wasteful.’

Sunk costs are a reason behind many people’s unhappiness in this day and age.

It is the reason why people continue to remain in abusive relationships. They consider the time and efforts they had already invested in the relationship, despite common sense appealing to them to stay alive by opting out.

The effects of sunk costs are not just limited to individuals. You see the same patterns repeating itself in the kinds of decisions made by corporations and governments.

Who can forget how the almighty Concorde passenger jet continued to fly for 27 years, despite the fact that it was not commercially viable to stay in business. Similarly, US citizens will not be in a hurry to neglect the way its government handled, not one, but two needless wars in the shape of the Vietnam and Iraq conflicts.

At this point, the question is pretty straightforward: How can we reduce errors in judgment made as a result of sunk costs?

In the next few paragraphs, I share three simple strategies that will be helpful to you.

Be Introspective to Reduce Sunk Cost Errors

sunk costs,can sunk costs be recovered,can you capitalise sunk costs,can you avoid sunk costs,what's sunk cost,what sunk cost means,that sunk cost fallacy,why sunk costs are irrelevant for decision making,why sunk cost is irrelevant,why sunk cost are relevant to decision making,why are sunk costs relevant in decision making,why are sunk costs important,why should sunk costs be ignored,why ignore sunk costs,why are sunk cost irrelevant in decision making,why is sunk cost a fallacy,sunk cost are irrelevant for decision making,what's sunk cost,what sunk cost means,what are sunk costs in economics,what are sunk costs in accounting,what are sunk costs examples,what are sunk costs quizlet,what does sunk costs mean,what are sunk costs with reference to decision making,what are sunk costs in finance,what are sunk costs in project management,what are sunk costs pdf,what is sunk costs in pmp,what is sunk cost fallacy,what does sunk cost fallacy mean,what is sunk cost bias,what is sunk cost in hindi,what is sunk cost fallacy psychology,what is sunk cost in managerial accounting,what is sunk cost effect,what is sunk cost in management accounting,who sunk cost,that sunk cost fallacy,how sunk costs,what sunk cost means,how do sunk costs affect decisions,how to calculate sunk costs,how to avoid sunk costs,are sunk costs relevant,are sunk costs included in npv,are sunk costs relevant in decision making,are sunk costs fixed costs,are sunk costs opportunity costs,are sunk costs relevant in capital budgeting,are sunk costs part of opportunity cost,are sunk costs avoidable,are sunk costs easy to spot,are sunk costs a barrier to entry,are sunk costs fixed or variable,is sunk costs important,are cost sunk,is sunk cost and incremental cash flow,is sunk cost bias,what are sunk costs in economics,what are sunk costs in accounting,why are sunk costs irrelevant in decision making,what are sunk costs examples,what are sunk costs quizlet,when should sunk costs be considered,when are sunk costs omitted from decision analysis,when are sunk costs relevant,when are sunk costs relevant in decision making,when analyzing a project sunk costs,sunk costs for project management,sunk costs for,sunk cost for dummies,sunk cost for example,sunk cost for the project,sunk cost for entry,sunk costs in economics,sunk costs in capital budgeting,sunk costs in decision making,sunk costs in accounting,sunk costs in business,sunk costs in npv calculations,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in relationships,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk cost in finance,sunk cost in management accounting,sunk cost with example,sunk costs in economics,sunk costs in capital budgeting,sunk costs in decision making,sunk costs in accounting,sunk costs in project management,sunk costs in business,sunk costs in npv calculations,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in relationships,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk costs in,sunk cost in finance,sunk cost in management accounting,sunk cost in managerial economics,sunk cost in a sentence,sunk cost in engineering economics,sunk cost to french,sunk cost to,sunk costs in economics,sunk costs in capital budgeting,sunk costs in decision making,sunk costs in accounting,sunk costs in project management,sunk costs in business,sunk costs in npv calculations,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in relationships,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk cost with example,sunk cost in finance,sunk cost in management accounting,sunk cost in managerial economics,sunk cost in a sentence,sunk costs is an example of which type of bias,sunk costs is another name for,sunk costs are quizlet,sunk costs are,sunk costs are irrelevant to future decisions,sunk costs are best described as,sunk costs are omitted from decision analysis,sunk costs are ignored when evaluating alternatives,sunk costs are generally relevant to decisions,sunk costs are easy to spot,sunk costs are created in the short run by,sunk costs are in the capital budgeting analysis,sunk costs are never relevant to a decision,can sunk costs be recovered,sunk costs and market structure,sunk costs and opportunity costs,sunk costs and market structure by john sutton,sunk costs and npv,sunk costs and relevant costs,sunk costs and loss aversion,sunk costs and avoidable costs,sunk costs and antitrust barriers to entry,sunk costs and market structure pdf,sunk costs and decision making,sunk costs and contestable markets,sunk costs and market structure sutton,sunk costs and project management,sunk cost and choice,sunk cost and example,sunk cost and capital budgeting,sunk cost and cash flow,sunk cost and incremental,sunk cost and,sunk cost and accounting,sunk costs and market structure,sunk costs and market structure pdf,sunk costs and decision making,sunk costs and market structure by john sutton,sunk costs and loss aversion,sunk costs and antitrust barriers to entry,sunk costs and npv,sunk costs and the degree of contestability,sunk costs and contestable markets,sunk costs and market structure sutton,sunk costs and resistance to change,sunk costs and marginal analysis,sunk costs and externalities,sunk costs and market structure a review article,sunk costs and asset specificity,sunk costs and project management,sunk costs and firms,sunk and costs,sunk costs or sunk costs,are sunk costs fixed or variable,sunk costs vs opportunity costs,sunk costs vs fixed costs,sunk cost vs investment,sunk costs and market structure,sunk costs and market structure pdf,sunk costs and decision making,sunk costs and market structure by john sutton,sunk costs and npv,sunk costs and contestable markets,sunk costs and market structure sutton,sunk costs and project management,sunk cost and choice,sunk cost and example,sunk cost and capital budgeting,sunk cost and cash flow,sunk cost and incremental,sunk cost and,sunk cost and accounting,sunk cost and economics,sunk cost and meaning,sunk costs versus future costs and benefits,sunk costs vs overhead,sunk costs vs opportunity costs,sunk costs versus,sunk cost youtube,sunk cost fallacy youtube,sunk cost definition yahoo,sunk cost examples yourdictionary,sunk cost fallacy you,sunk cost yaitu,sunk cost zhongwen,sunk costs what costs do you sea,sunk costs wiki,sunk costs wikipedia,sunk costs what are,sunk costs wat is dat,sunk costs why is it important,sunk cost with example,sunk cost effect,sunk cost wine,sunk cost what means,sunk cost word,sunk costs change with the level of output,endogenous sunk costs wiki,sunk cost fallacy wiki,sunk cost fallacy wikipedia,explain sunk cost with example,a sunk cost would include which of the​ following,define sunk cost with example,sunk cost meaning with example,sunk cost bias wikipedia,sunk costs vs opportunity costs,sunk costs versus future costs and benefits,sunk costs vs fixed costs,sunk costs video,sunk costs vs overhead,sunk costs vs investment,sunk costs vs npv,sunk cost variable or fixed,sunk cost valuation,sunk cost value,sunk cost fallacy,sunk cost video game,sunk cost vehicles,sunk cost versus,sunk cost fallacy video,sunk cost book value,sunk cost economics video,sunk costs unavoidable,sunk cost urban dictionary,sunk cost use,sunk cost uk,sunk cost fallacy urban dictionary,sunk cost in urdu,understanding sunk costs,using sunk costs in a sentence,sunk cost uitleg,contoh sunk cost untuk perusahaan manufaktur,sunk costs rationalität und ökonomische theorie,sunk costs tutor2u,sunk costs theory,sunk costs the plan to dump the brent spar,sunk cost trap,sunk costs treated in managerial decision making,sunk costs template,sunk costs tax,sunk costs traducción,sunk transaction costs,sunk costs barrier to entry,sunk costs and the degree of contestability,no sunk costs twitter,sunk costs affect the determination of cash flows,sunk costs short term,sunk costs other terms,sunk costs another term,sunk costs are irrelevant to future decisions,sunk costs are irrelevant to economic decisions because,sunk costs change with the level of output,sunk costs are costs that quizlet,sunk costs should have,sunk costs should be ignored in capital budgeting,sunk costs synonym,sunk costs should have quizlet,sunk costs safe,sunk costs should be ignored,sunk cost syndrome,sunk cost slideshare,sunk cost short note,sunk cost spanish,sunk cost software development,sunk cost sample,sunk cost salary,sunk cost simple example,sunk costs are sometimes relevant for decision-making purposes,endogenous sunk costs sutton,sunk cost fallacy svu,sunk cost fallacy svu recap,sunk cost fallacy svu cast,sunk cost fallacy screen addiction,sunk costs quizlet,sunk costs quotes,sunk cost questions,sunk cost quora,sunk cost quiz,prospective sunk costs quizlet,sunk costs status quo,sunk cost fallacy quizlet,sunk cost definition quizlet,sunk cost economics quizlet,sunk cost fallacy quotes,sunk cost practice questions,sunk cost bias questions,sunk cost example questions,sunk cost exam question,sunk cost fallacy que es,sunk cost sample questions,fixed costs are sunk costs quizlet,sunk costs o que sao,sunk cost o que é,sunk costs psychology,sunk costs pmp,sunk costs personal life,sunk costs pdf,sunk costs project management,sunk costs po polsku,sunk costs project evaluation,sunk costs pmi,sunk costs project,sunk cost problem example,sunk costs in portuguese,sunk costs problems,sunk costs past,sunk costs profitability,sunk costs persuasion,sunk costs person,sunk costs prison,sunk cost principle,sunk cost ppt,sunk cost paradox,sunk costs relationships,sunk costs rationality and acting for the sake of the past,sunk costs real life examples,sunk costs relevant decision making,sunk costs reddit,sunk costs refer to,sunk costs retailers,sunk costs represent,sunk costs risks,sunk cost real estate,sunk cost reasoning,sunk cost r&d,sunk cost research and development,sunk cost rent,sunk cost relationship definition,sunk cost real life,sunk cost reporting,sunk cost runescape,sunk cost rail,sunk cost recovered,sunk costs of entry,sunk costs oil and gas,sunk costs of airline industry,sunk costs outsourcing,sunk costs oil,sunk costs of investment,sunk costs other terms,sunk costs of,sunk cost opposite,sunk cost of fallacy,sunk cost other name,sunk cost of college,sunk cost of education,sunk cost of a project,sunk cost opportunity,sunk cost or not,sunk cost on accounting,sunk cost organization,sunk cost of a product,sunk cost of information,sunk cost khan academy,sunk cost kid definition,sunk cost knowledge,sunk cost also known as,sunk cost eesti keeles,sunk cost bookkeeping,sunk costs koszty,sunk cost koszty utopione,sunk cost klr,sunk cost kostnader,sunk costs meaning,sunk costs microeconomics,sunk costs managerial accounting,sunk costs marketing,sunk costs monopoly,sunk costs market structure and growth,sunk costs matter,sunk costs meaning finance,sunk costs making decisions,sunk costs minimalism,sunk costs model,sunk costs media,sunk costs machinery,sunk costs machine,sunk costs meaning in marathi,sunk cost meaning in punjabi,sunk costs metafrash,sunk costs moving,sunk cost meaning and example,sunk cost meaning in malayalam,sunk costs là gì,sunk costs los,sunk cost logical fallacy,sunk cost loss aversion,sunk cost long run,sunk cost love,sunk cost list,sunk cost lietuviskai,sunk cost llc,sunk cost lesson,sunk cost lease,sunk cost loan,sunk cost lingue,sunk cost long term,sunk cost l,sunk cost layman's terms,sunk cost line,sunk cost literal meaning,sunk costs real life examples,sunk costs in life,sunk costs include any cost that,sunk costs in economics,sunk costs investopedia,sunk costs in decision making,sunk costs in capital budgeting,sunk costs in business,sunk costs in accounting,sunk costs in project management,sunk costs international relations,sunk costs in sports,sunk costs in npv calculations,sunk costs influence capital budgeting decisions,sunk costs in financial statements,sunk costs in relationships,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk cost investment,sunk costs journal articles,sunk cost journal entry,sunk cost jokes,sunk cost fallacy job,sunk cost jelentése,sunk costs npv,sunk costs npv analysis,sunk cost npv calculation,sunk cost natural monopoly,sunk cost nghia la gi,sunk cost nba,sunk cost note,sunk cost noun,sunk cost nederland,sunk costs are never relevant in decision making,sunk costs are not relevant in incremental analysis,sunk costs are not deductible for tax purposes,sunk costs are not relevant in capital budgeting,sunk costs are never relevant to a decision,sunk costs are not relevant for decision-making purposes,sunk costs vs npv,sunk costs another name,sunk cost short note,sunk cost in negotiation,sunk cost other name,sunk costs german,sunk costs government,sunk cost galaxy,sunk cost graph,sunk cost gw2,sunk cost galaxy reddit,sunk cost gambling,sunk cost fallacy,sunk cost games,sunk cost grad school,sunk cost give an example,sunk cost glossary,sunk cost goods,sunk general cost,sunk costs là gì,sunk costs are generally relevant to decisions,sunk cost fallacy gambling,sunk cost fallacy gaming,sunk cost fallacy google scholar,sunk cost are generally mcq,sunk costs fallacy,sunk costs formula,sunk costs finance,sunk costs fallacy definition,sunk costs fallacy examples,fallacy of sunk costs,sunk costs francais,sunk cost fallacy wiki,sunk costs framing,sunk costs film industry,sunk costs fallacy reddit,sunk costs financial definition,sunk costs fossil fuels,sunk costs funding,sunk costs firm,sunk costs funny,sunk costs for equipment,sunk costs for project management,sunk costs for,sunk costs failure,sunk costs examples,sunk costs economics,sunk costs economics help,sunk costs effect,sunk costs error,sunk costs econ,sunk costs explained,sunk costs examples real life,sunk costs errors example,sunk costs escalation of commitment,sunk costs examples business,sunk costs en francais,sunk costs equation,sunk costs experiment,sunk costs en espanol,sunk costs economy,sunk costs be,sunk costs example problems,sunk costs exist,sunk costs equal,sunk costs definition,sunk costs define,sunk costs decision making,sunk costs differ among the alternatives,sunk costs depreciation,sunk costs definition pmp,sunk costs don't matter,sunk costs decluttering,sunk costs definition and example,sunk costs dcf,sunk costs disadvantages,sunk costs definition in finance,sunk costs decision theory,sunk costs differ,sunk cost definition in accounting,sunk cost bias,sunk costs better call saul,sunk cost bias definition,sunk costs barrier to entry,sunk costs betekenis,sunk cost bias examples,sunk cost business,sunk cost bias in decision making,sunk cost bias psychology,sunk cost bias wikipedia,sunk cost business examples,sunk cost bias finance,sunk cost bias examples in business,sunk costs better call saul wiki,sunk cost balance sheet,sunk cost break even analysis,sunk cost bias relationships,sunk costs better call saul reddit,sunk costs business case,sunk costs behavior,sunk costs change with the level of output,sunk costs chegg,sunk costs capital budgeting,sunk costs cash flows,sunk costs contestable markets,sunk cost calculation,sunk cost cognitive bias,sunk cost concept,sunk cost curve,sunk cost concorde,sunk cost cfa,sunk cost chinese,sunk cost classified as,sunk costs better call saul,sunk costs are created in the short run by,sunk costs better call saul reddit,sunk costs av club,a sunk cost can be described as which of the following,sunk cost fallacy career,sunk cost fallacy car,sunk costs accounting,sunk costs are,sunk costs are irrelevant to future decisions,sunk costs are quizlet,sunk costs and opportunity costs,sunk costs are those costs that,sunk costs and market structure,sunk costs are in the capital budgeting analysis,sunk costs are also known as,sunk costs and market structure by john sutton,sunk costs and npv,sunk costs are generally relevant to decisions,sunk costs are irrelevant to economic decision-making,sunk costs and relevant costs,sunk costs are considered to be avoidable costs,sunk costs are chegg,sunk costs and loss aversion,sunk costs and avoidable costs,sunk costs and antitrust barriers to entry,sunk costs are ignored when evaluating alternatives,sunk costs fallacy,sunk costs definition,sunk costs examples,sunk costs tutor2u,sunk costs accounting,sunk costs better call saul,sunk costs economics help,sunk costs quizlet,sunk costs change with the level of output,sunk costs include any cost that,sunk costs are costs that ____,sunk costs are irrelevant to future decisions,sunk costs vs opportunity costs,sunk costs effect,sunk costs error,sunk costs in economics,sunk cost bias,sunk costs and opportunity costs,sunk costs define,sunk costs and market structure

In my post, The Myth of Quitting: When Quitting is a Good Idea, I talk about the Stockdale Paradox, which states that, “You must never confuse faith that you will prevail in the end with the discipline to confront the most brutal facts of your current reality, whatever they might be.“

Most people allow sunk costs to cloud their judgments because they allow their heads to stay in the sky while seeing the world through rainbow-colored lenses.

If you want to reduce the negative impact of sunk costs in your life, you need to be willing to be introspective and have uncomfortable conversations with yourself.

Don’t be afraid to ask yourself the hard questions about your current course of action. Ask yourself, ‘Is this the best use of my time and resources?’ , ‘Would I be better off without this relationship?’, Should I be looking for alternative uses of my resources?‘

These are questions that have the potential of changing your life. However, you will never be able to answer them if you do not give yourself the time to slow down and be introspective.

Reduce Sunk Costs By Reaching Out for Advice

sunk costs,can sunk costs be recovered,can you capitalise sunk costs,can you avoid sunk costs,what's sunk cost,what sunk cost means,that sunk cost fallacy,why sunk costs are irrelevant for decision making,why sunk cost is irrelevant,why sunk cost are relevant to decision making,why are sunk costs relevant in decision making,why are sunk costs important,why should sunk costs be ignored,why ignore sunk costs,why are sunk cost irrelevant in decision making,why is sunk cost a fallacy,sunk cost are irrelevant for decision making,what's sunk cost,what sunk cost means,what are sunk costs in economics,what are sunk costs in accounting,what are sunk costs examples,what are sunk costs quizlet,what does sunk costs mean,what are sunk costs with reference to decision making,what are sunk costs in finance,what are sunk costs in project management,what are sunk costs pdf,what is sunk costs in pmp,what is sunk cost fallacy,what does sunk cost fallacy mean,what is sunk cost bias,what is sunk cost in hindi,what is sunk cost fallacy psychology,what is sunk cost in managerial accounting,what is sunk cost effect,what is sunk cost in management accounting,who sunk cost,that sunk cost fallacy,how sunk costs,what sunk cost means,how do sunk costs affect decisions,how to calculate sunk costs,how to avoid sunk costs,are sunk costs relevant,are sunk costs included in npv,are sunk costs relevant in decision making,are sunk costs fixed costs,are sunk costs opportunity costs,are sunk costs relevant in capital budgeting,are sunk costs part of opportunity cost,are sunk costs avoidable,are sunk costs easy to spot,are sunk costs a barrier to entry,are sunk costs fixed or variable,is sunk costs important,are cost sunk,is sunk cost and incremental cash flow,is sunk cost bias,what are sunk costs in economics,what are sunk costs in accounting,why are sunk costs irrelevant in decision making,what are sunk costs examples,what are sunk costs quizlet,when should sunk costs be considered,when are sunk costs omitted from decision analysis,when are sunk costs relevant,when are sunk costs relevant in decision making,when analyzing a project sunk costs,sunk costs for project management,sunk costs for,sunk cost for dummies,sunk cost for example,sunk cost for the project,sunk cost for entry,sunk costs in economics,sunk costs in capital budgeting,sunk costs in decision making,sunk costs in accounting,sunk costs in business,sunk costs in npv calculations,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in relationships,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk cost in finance,sunk cost in management accounting,sunk cost with example,sunk costs in economics,sunk costs in capital budgeting,sunk costs in decision making,sunk costs in accounting,sunk costs in project management,sunk costs in business,sunk costs in npv calculations,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in relationships,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk costs in,sunk cost in finance,sunk cost in management accounting,sunk cost in managerial economics,sunk cost in a sentence,sunk cost in engineering economics,sunk cost to french,sunk cost to,sunk costs in economics,sunk costs in capital budgeting,sunk costs in decision making,sunk costs in accounting,sunk costs in project management,sunk costs in business,sunk costs in npv calculations,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in relationships,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk cost with example,sunk cost in finance,sunk cost in management accounting,sunk cost in managerial economics,sunk cost in a sentence,sunk costs is an example of which type of bias,sunk costs is another name for,sunk costs are quizlet,sunk costs are,sunk costs are irrelevant to future decisions,sunk costs are best described as,sunk costs are omitted from decision analysis,sunk costs are ignored when evaluating alternatives,sunk costs are generally relevant to decisions,sunk costs are easy to spot,sunk costs are created in the short run by,sunk costs are in the capital budgeting analysis,sunk costs are never relevant to a decision,can sunk costs be recovered,sunk costs and market structure,sunk costs and opportunity costs,sunk costs and market structure by john sutton,sunk costs and npv,sunk costs and relevant costs,sunk costs and loss aversion,sunk costs and avoidable costs,sunk costs and antitrust barriers to entry,sunk costs and market structure pdf,sunk costs and decision making,sunk costs and contestable markets,sunk costs and market structure sutton,sunk costs and project management,sunk cost and choice,sunk cost and example,sunk cost and capital budgeting,sunk cost and cash flow,sunk cost and incremental,sunk cost and,sunk cost and accounting,sunk costs and market structure,sunk costs and market structure pdf,sunk costs and decision making,sunk costs and market structure by john sutton,sunk costs and loss aversion,sunk costs and antitrust barriers to entry,sunk costs and npv,sunk costs and the degree of contestability,sunk costs and contestable markets,sunk costs and market structure sutton,sunk costs and resistance to change,sunk costs and marginal analysis,sunk costs and externalities,sunk costs and market structure a review article,sunk costs and asset specificity,sunk costs and project management,sunk costs and firms,sunk and costs,sunk costs or sunk costs,are sunk costs fixed or variable,sunk costs vs opportunity costs,sunk costs vs fixed costs,sunk cost vs investment,sunk costs and market structure,sunk costs and market structure pdf,sunk costs and decision making,sunk costs and market structure by john sutton,sunk costs and npv,sunk costs and contestable markets,sunk costs and market structure sutton,sunk costs and project management,sunk cost and choice,sunk cost and example,sunk cost and capital budgeting,sunk cost and cash flow,sunk cost and incremental,sunk cost and,sunk cost and accounting,sunk cost and economics,sunk cost and meaning,sunk costs versus future costs and benefits,sunk costs vs overhead,sunk costs vs opportunity costs,sunk costs versus,sunk cost youtube,sunk cost fallacy youtube,sunk cost definition yahoo,sunk cost examples yourdictionary,sunk cost fallacy you,sunk cost yaitu,sunk cost zhongwen,sunk costs what costs do you sea,sunk costs wiki,sunk costs wikipedia,sunk costs what are,sunk costs wat is dat,sunk costs why is it important,sunk cost with example,sunk cost effect,sunk cost wine,sunk cost what means,sunk cost word,sunk costs change with the level of output,endogenous sunk costs wiki,sunk cost fallacy wiki,sunk cost fallacy wikipedia,explain sunk cost with example,a sunk cost would include which of the​ following,define sunk cost with example,sunk cost meaning with example,sunk cost bias wikipedia,sunk costs vs opportunity costs,sunk costs versus future costs and benefits,sunk costs vs fixed costs,sunk costs video,sunk costs vs overhead,sunk costs vs investment,sunk costs vs npv,sunk cost variable or fixed,sunk cost valuation,sunk cost value,sunk cost fallacy,sunk cost video game,sunk cost vehicles,sunk cost versus,sunk cost fallacy video,sunk cost book value,sunk cost economics video,sunk costs unavoidable,sunk cost urban dictionary,sunk cost use,sunk cost uk,sunk cost fallacy urban dictionary,sunk cost in urdu,understanding sunk costs,using sunk costs in a sentence,sunk cost uitleg,contoh sunk cost untuk perusahaan manufaktur,sunk costs rationalität und ökonomische theorie,sunk costs tutor2u,sunk costs theory,sunk costs the plan to dump the brent spar,sunk cost trap,sunk costs treated in managerial decision making,sunk costs template,sunk costs tax,sunk costs traducción,sunk transaction costs,sunk costs barrier to entry,sunk costs and the degree of contestability,no sunk costs twitter,sunk costs affect the determination of cash flows,sunk costs short term,sunk costs other terms,sunk costs another term,sunk costs are irrelevant to future decisions,sunk costs are irrelevant to economic decisions because,sunk costs change with the level of output,sunk costs are costs that quizlet,sunk costs should have,sunk costs should be ignored in capital budgeting,sunk costs synonym,sunk costs should have quizlet,sunk costs safe,sunk costs should be ignored,sunk cost syndrome,sunk cost slideshare,sunk cost short note,sunk cost spanish,sunk cost software development,sunk cost sample,sunk cost salary,sunk cost simple example,sunk costs are sometimes relevant for decision-making purposes,endogenous sunk costs sutton,sunk cost fallacy svu,sunk cost fallacy svu recap,sunk cost fallacy svu cast,sunk cost fallacy screen addiction,sunk costs quizlet,sunk costs quotes,sunk cost questions,sunk cost quora,sunk cost quiz,prospective sunk costs quizlet,sunk costs status quo,sunk cost fallacy quizlet,sunk cost definition quizlet,sunk cost economics quizlet,sunk cost fallacy quotes,sunk cost practice questions,sunk cost bias questions,sunk cost example questions,sunk cost exam question,sunk cost fallacy que es,sunk cost sample questions,fixed costs are sunk costs quizlet,sunk costs o que sao,sunk cost o que é,sunk costs psychology,sunk costs pmp,sunk costs personal life,sunk costs pdf,sunk costs project management,sunk costs po polsku,sunk costs project evaluation,sunk costs pmi,sunk costs project,sunk cost problem example,sunk costs in portuguese,sunk costs problems,sunk costs past,sunk costs profitability,sunk costs persuasion,sunk costs person,sunk costs prison,sunk cost principle,sunk cost ppt,sunk cost paradox,sunk costs relationships,sunk costs rationality and acting for the sake of the past,sunk costs real life examples,sunk costs relevant decision making,sunk costs reddit,sunk costs refer to,sunk costs retailers,sunk costs represent,sunk costs risks,sunk cost real estate,sunk cost reasoning,sunk cost r&d,sunk cost research and development,sunk cost rent,sunk cost relationship definition,sunk cost real life,sunk cost reporting,sunk cost runescape,sunk cost rail,sunk cost recovered,sunk costs of entry,sunk costs oil and gas,sunk costs of airline industry,sunk costs outsourcing,sunk costs oil,sunk costs of investment,sunk costs other terms,sunk costs of,sunk cost opposite,sunk cost of fallacy,sunk cost other name,sunk cost of college,sunk cost of education,sunk cost of a project,sunk cost opportunity,sunk cost or not,sunk cost on accounting,sunk cost organization,sunk cost of a product,sunk cost of information,sunk cost khan academy,sunk cost kid definition,sunk cost knowledge,sunk cost also known as,sunk cost eesti keeles,sunk cost bookkeeping,sunk costs koszty,sunk cost koszty utopione,sunk cost klr,sunk cost kostnader,sunk costs meaning,sunk costs microeconomics,sunk costs managerial accounting,sunk costs marketing,sunk costs monopoly,sunk costs market structure and growth,sunk costs matter,sunk costs meaning finance,sunk costs making decisions,sunk costs minimalism,sunk costs model,sunk costs media,sunk costs machinery,sunk costs machine,sunk costs meaning in marathi,sunk cost meaning in punjabi,sunk costs metafrash,sunk costs moving,sunk cost meaning and example,sunk cost meaning in malayalam,sunk costs là gì,sunk costs los,sunk cost logical fallacy,sunk cost loss aversion,sunk cost long run,sunk cost love,sunk cost list,sunk cost lietuviskai,sunk cost llc,sunk cost lesson,sunk cost lease,sunk cost loan,sunk cost lingue,sunk cost long term,sunk cost l,sunk cost layman's terms,sunk cost line,sunk cost literal meaning,sunk costs real life examples,sunk costs in life,sunk costs include any cost that,sunk costs in economics,sunk costs investopedia,sunk costs in decision making,sunk costs in capital budgeting,sunk costs in business,sunk costs in accounting,sunk costs in project management,sunk costs international relations,sunk costs in sports,sunk costs in npv calculations,sunk costs influence capital budgeting decisions,sunk costs in financial statements,sunk costs in relationships,sunk costs in healthcare,sunk costs in perfect competition,sunk costs in npv,sunk costs in managerial accounting,sunk costs in pmp,sunk cost investment,sunk costs journal articles,sunk cost journal entry,sunk cost jokes,sunk cost fallacy job,sunk cost jelentése,sunk costs npv,sunk costs npv analysis,sunk cost npv calculation,sunk cost natural monopoly,sunk cost nghia la gi,sunk cost nba,sunk cost note,sunk cost noun,sunk cost nederland,sunk costs are never relevant in decision making,sunk costs are not relevant in incremental analysis,sunk costs are not deductible for tax purposes,sunk costs are not relevant in capital budgeting,sunk costs are never relevant to a decision,sunk costs are not relevant for decision-making purposes,sunk costs vs npv,sunk costs another name,sunk cost short note,sunk cost in negotiation,sunk cost other name,sunk costs german,sunk costs government,sunk cost galaxy,sunk cost graph,sunk cost gw2,sunk cost galaxy reddit,sunk cost gambling,sunk cost fallacy,sunk cost games,sunk cost grad school,sunk cost give an example,sunk cost glossary,sunk cost goods,sunk general cost,sunk costs là gì,sunk costs are generally relevant to decisions,sunk cost fallacy gambling,sunk cost fallacy gaming,sunk cost fallacy google scholar,sunk cost are generally mcq,sunk costs fallacy,sunk costs formula,sunk costs finance,sunk costs fallacy definition,sunk costs fallacy examples,fallacy of sunk costs,sunk costs francais,sunk cost fallacy wiki,sunk costs framing,sunk costs film industry,sunk costs fallacy reddit,sunk costs financial definition,sunk costs fossil fuels,sunk costs funding,sunk costs firm,sunk costs funny,sunk costs for equipment,sunk costs for project management,sunk costs for,sunk costs failure,sunk costs examples,sunk costs economics,sunk costs economics help,sunk costs effect,sunk costs error,sunk costs econ,sunk costs explained,sunk costs examples real life,sunk costs errors example,sunk costs escalation of commitment,sunk costs examples business,sunk costs en francais,sunk costs equation,sunk costs experiment,sunk costs en espanol,sunk costs economy,sunk costs be,sunk costs example problems,sunk costs exist,sunk costs equal,sunk costs definition,sunk costs define,sunk costs decision making,sunk costs differ among the alternatives,sunk costs depreciation,sunk costs definition pmp,sunk costs don't matter,sunk costs decluttering,sunk costs definition and example,sunk costs dcf,sunk costs disadvantages,sunk costs definition in finance,sunk costs decision theory,sunk costs differ,sunk cost definition in accounting,sunk cost bias,sunk costs better call saul,sunk cost bias definition,sunk costs barrier to entry,sunk costs betekenis,sunk cost bias examples,sunk cost business,sunk cost bias in decision making,sunk cost bias psychology,sunk cost bias wikipedia,sunk cost business examples,sunk cost bias finance,sunk cost bias examples in business,sunk costs better call saul wiki,sunk cost balance sheet,sunk cost break even analysis,sunk cost bias relationships,sunk costs better call saul reddit,sunk costs business case,sunk costs behavior,sunk costs change with the level of output,sunk costs chegg,sunk costs capital budgeting,sunk costs cash flows,sunk costs contestable markets,sunk cost calculation,sunk cost cognitive bias,sunk cost concept,sunk cost curve,sunk cost concorde,sunk cost cfa,sunk cost chinese,sunk cost classified as,sunk costs better call saul,sunk costs are created in the short run by,sunk costs better call saul reddit,sunk costs av club,a sunk cost can be described as which of the following,sunk cost fallacy career,sunk cost fallacy car,sunk costs accounting,sunk costs are,sunk costs are irrelevant to future decisions,sunk costs are quizlet,sunk costs and opportunity costs,sunk costs are those costs that,sunk costs and market structure,sunk costs are in the capital budgeting analysis,sunk costs are also known as,sunk costs and market structure by john sutton,sunk costs and npv,sunk costs are generally relevant to decisions,sunk costs are irrelevant to economic decision-making,sunk costs and relevant costs,sunk costs are considered to be avoidable costs,sunk costs are chegg,sunk costs and loss aversion,sunk costs and avoidable costs,sunk costs and antitrust barriers to entry,sunk costs are ignored when evaluating alternatives,sunk costs fallacy,sunk costs definition,sunk costs examples,sunk costs tutor2u,sunk costs accounting,sunk costs better call saul,sunk costs economics help,sunk costs quizlet,sunk costs change with the level of output,sunk costs include any cost that,sunk costs are costs that ____,sunk costs are irrelevant to future decisions,sunk costs vs opportunity costs,sunk costs effect,sunk costs error,sunk costs in economics,sunk cost bias,sunk costs and opportunity costs,sunk costs define,sunk costs and market structure

Many times, the quality of our decisions are a reflection of where we are, and what we know at a given time. In my native Yoruba dialect, there is a powerful proverb which says, ‘Nkan ti agba ri lori ijoko, b’omode ba gun’gi o le ma ri ‘. This roughly translates as ‘What a child needs to climb a ladder to see, an elder sees it effortlessly while seated’

Sometimes, no matter how much you introspect, there’s still no substitute for experience.

JoNell Strough, of West Virginia University, and her colleagues conducted a study to see how people reacted to a failing plan that was halfway complete. They discovered that older people were likelier to cancel the plan, as opposed to younger people who continued to plow through, despite all the signs pointing to failure.

You don’t need to make all the mistakes yourself.

If you want to improve the quality of your decisions and reduce errors due to sunk costs, don’t be afraid to reach out to experienced people who are more knowledgeable than you in a particular area or field.

Detach Your Identity from Your Decisions

If you want to reduce the hold of sunk costs over you, you must not be afraid to separate what you consider as your true abilities, from the results of your decisions.

In studies conducted by Itamar Simonson and Barry M. Staw, from the University of California, they observed that people have a tendency to justify their poor decisions by increasing their commitments to them.

This means one thing: Their identities are formed by their decisions.

Therefore, in order to protect their identities, people have a need to protect and commit to their decisions – even when it does not make sense!

As a result, they continue to plow through the path of sunk costs, despite it not being in their best interests to continue to do so.

When you take the bold step of not seeing your identity in the results of your decisions, your attitude changes.

Instead of seeing decisions as an identity to protect at all costs, you start seeing them as learning opportunities that will help you in the long run.

In Conclusion…

A lot of unnecessary pain, waste and heartache can be avoided if you are able to identify sunk costs.

To do that, you need to be more introspective about the status quo, more open to advise from mentors and experts, and more willing to detach your sense of self from the outcomes of your decisions.

Published by

Promise

Promise Tewogbola is a Christian writer, behavioral economic researcher and author of several books. He has a master's degree in Public Health and a Ph.D. in Applied Psychology.