Sunk Cost Bias Is Ruining Your Decisions

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Kaizen Mindset

22 episodes

6 days ago

The Kaizen Mindset podcast is an approach and a reminder that all improvements must be maintained if we wish to secure consistent gains and achieve our goals. Think of the smallest step you can take every day that would move you incrementally towards your goal. We will share those valuable pieces of information to improve in all areas of life: productivity, business, health, psychology. We will cover share wisdom from some awesome books and authors.

Self-Improvement

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Self-Improvement

Education

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Sunk Cost Bias Is Ruining Your Decisions

Kaizen Mindset

6 minutes 31 seconds

5 years ago

Sunk Cost Bias Is Ruining Your Decisions

Do you think you make smart, rational decisions most of the time? Chances are good that even if you take pride in yourself on being rational most of the time, you still occasionally fall for the sunk cost fallacy. The Misconception: You make rational decisions based on the future value of objects, investments and experiences. The Truth: Your decisions are tainted by the emotional investments you accumulate, and the more you invest in something the harder it becomes to abandon it.